S T A T E   O F   N E W   Y O R K
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                                  7030

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 30, 2013
                               ___________

Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
  tee on Governmental Employees

AN  ACT  to  authorize the village of Sleepy Hollow to offer an optional
  twenty year retirement plan to certain  police  officers  employed  by
  such village

  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 Sleepy Hollow, 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 available to Raymond D'Alessandro and James
Warren, police officers employed by the village of Sleepy  Hollow,  who,
for  reasons  not  ascribable  to their own negligence, failed to make a
timely application to participate in such optional twenty  year  retire-
ment plan.  The village of Sleepy Hollow may so elect by filing with the
state  comptroller,  on or before December 31, 2013, a resolution of its
local legislative body together  with  certification  that  such  police
officers  did  not  bar themselves from participation in such retirement
plan as a result of their own negligence. Thereafter, such police  offi-
cers  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, by
filing a request to that effect with the state comptroller on or  before
June 30, 2014.
  S  2. All employer past service costs associated with implementing the
provisions of this act shall be borne by the village  of  Sleepy  Hollow
and may be amortized over a ten year period.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10332-03-3
              

A. 7030                             2

  FISCAL  NOTE.--This bill will allow Officers Raymond D'Alessandro, and
James Warren to become covered by the provisions of Section 384-d of the
Retirement and Social Security Law.
  If  this  bill  were  enacted,  we  anticipate  that  there will be an
increase of approximately $25,100 in the  annual  contributions  of  the
Village of Sleepy Hollow for the fiscal year ending March 31, 2014.
  In addition to the annual contributions discussed above, there will be
an  immediate past service cost of approximately $134,000 which would be
borne by the Village of Sleepy Hollow as a one-time payment. This  esti-
mate is based on the assumption that payment will be made on February 1,
2014.  If  the  past service cost is amortized over a period of ten (10)
years, the past service costs for the  first  year  including  interest,
would be approximately $18,100.
  Summary of relevant resources:
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 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 April 17, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-121,  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
System.