Senate Bill S7430

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

                                  7430

                            I N  S E N A T E

                              May 15, 2012
                               ___________

Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to authorize the city of Rochester, in the county of  Monroe,  to
  offer a certain retirement plan to certain police officers

  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 city of Rochester, in the county of Monroe, 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 secu-
rity law, to police officers employed by such city, is hereby authorized
to  make  participation  in  such  plan  available to David Blaho, Kevin
Powers, Lourdes Baez, Carol McDermott, MaryEllen Monahan-Kenny, and Liza
Dann, police officers employed  by  the  city  of  Rochester,  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 city of Rochester may so elect by filing with the comptroller, on or
before December 31, 2012, a resolution of its city council together with
certification that such police officers  did  not  bar  themselves  from
participation  in  such  retirement plan as a result of their own negli-
gence.  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
coverage  under such section, including eligibility for participation in
the plan established pursuant to section 384-e  of  the  retirement  and
social  security  law, 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 city of Rochester, and may  be  amortized
over a ten-year period.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15405-02-2
              

S. 7430                             2

  This  bill  will  allow  the City of Rochester to reopen section 384-d
together with section 384-e of the Retirement and  Social  Security  Law
for  police  officers  David  Blaho,  Kevin  Powers, Lourdes Baez, Carol
McDermott, MaryEllen Monahan-Kenny and Liza Dann.
  If  this bill is enacted during the 2012 legislative session and these
police officers become covered under the  provisions  of  section  384-d
together  with  384-e,  we  anticipate that there will be an increase of
approximately $33,800 in the annual contributions of the City of Roches-
ter 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 $772,000 which would  be
borne by the City of Rochester. This estimate is based on the assumption
that payment will be made on February 1, 2013. If this cost is amortized
over  a ten year period, the cost for the first year, including interest
would be approximately $105,000.
  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 May 2, 2012 and intended for use only during the
2012 Legislative Session, is Fiscal Note No. 2012-142, prepared  by  the
Actuary  for  the  New  York  State and Local Police and Fire Retirement
System.