Senate Bill S3904A

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3904--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 9, 2011
                               ___________

Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Civil Service and
  Pensions -- recommitted to the Committee on Civil Service and Pensions
  in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT to authorize the village of Hastings-on-Hudson, in the county of
  Westchester, to offer an  optional  twenty  year  retirement  plan  to
  police  officers  John DeBlasio, David Dosin, Anthony Gentile, Michael
  Pacheco and Justin Bottiglieri

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law to the contrary,
the  village  of  Hastings-on-Hudson,  in  the  county of Westchester, a
participating employer in the New York state and local police  and  fire
retirement system, which previously elected to offer the optional twenty
year  retirement  plan,  established  pursuant  to  section 384-d of the
retirement and social security law, to police officers employed by  such
village,  is hereby authorized to make participation in such plan avail-
able to John DeBlasio, David Dosin, Anthony Gentile, Michael Pacheco and
Justin Bottiglieri, police officers employed by  the  village  of  Hast-
ings-on-Hudson, who, for reasons not ascribable to their own negligence,
failed  to  make  a  timely  application to participate in such optional
twenty year retirement plan.  The village of Hastings-on-Hudson  may  so
elect  by  filing  with the state comptroller, on or before December 31,
2012, a resolution of its local legislative body together  with  certif-
ication  that  such  police officers did not bar themselves from partic-
ipation in such retirement plan as a result  of  their  own  negligence.
Thereafter,  such  police  officers  may  elect  to  be  covered  by the
provisions of section 384-d of the retirement and social  security  law,
and  shall  be  entitled to the full rights and benefits associated with

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07543-05-2
              

S. 3904--A                          2

coverage under such section, by filing a request to that effect with the
state comptroller on or before June 30, 2013.
  S 2. All employer costs associated with implementing the provisions of
this  act  shall  be  borne by the village of Hastings-on-Hudson and the
past service costs associated with this act may be  paid  in  ten  equal
annual installments.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.-- This bill will allow the Village of Hastings-on-Hudson
to elect to reopen the provisions of Section 384-d of the Retirement and
Social Security Law for police officers Michael Pacheco, Justin  Bottig-
lieri, John DeBlasio, David Dosin and Anthony Gentile.
  If  this  bill  is  enacted,  and  these officers become covered under
Section 384-d, we anticipate that there will be an increase of  approxi-
mately  $31,400  in the annual contributions of the Village of Hastings-
on-Hudson for the fiscal year ending March 31, 2013.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $371,000 which would  be
borne  by  the  Village of Hastings-on-Hudson. This estimate is based on
the assumption that payment will be made on February 1,  2013.  If  this
cost  were  amortized over a period of ten (10) years, the costs for the
first year including interest would be approximately $50,300.
  Summary of relevant resources:
  Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2011 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2011 Actuarial Valuations report.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This estimate, dated February 8, 2012 and intended for use only during
the  2012  Legislative  Session, is Fiscal Note No. 2012-79, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.