Senate Bill S4312

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

                                  4312

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 20, 2013
                               ___________

Introduced  by  Sen. HASSELL-THOMPSON -- read twice and ordered printed,
  and when printed to be committed to the Committee on Local Government

AN ACT to authorize the city of Mount Vernon, in the county of Westches-
  ter, to  offer  certain  retirement  options  to  Christopher  Grieco,
  Wendell  Griffin,  Patsy  Leone and Jeremy Villanueva, police officers
  employed by such city

  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 Mount Vernon, 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 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 Christopher Grieco,
Wendell Griffin, Patsy Leone  and  Jeremy  Villanueva,  police  officers
employed by the city of Mount Vernon, who, on the effective date of this
act  are covered under the provisions of section 375-i of the retirement
and social security law, and who, for reasons not  ascribable  to  their
own  negligence  failed  to  make a timely application to participate in
such optional retirement plan. The city of Mount Vernon may so elect  by
filing  with the state comptroller, on or before June 30, 2014, a resol-
ution of its legislative body together with certification that any  such
police officer did not bar himself or herself from participation in such
retirement  plan  as  a result of his or her own negligence. Thereafter,
any such police officer 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 comp-
troller on or before June 30, 2014.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06408-02-3

              

S. 4312                             2

  S 2. All costs associated with implementing the provisions of this act
shall be borne by the city of Mount Vernon.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--This bill will allow the City of Mount Vernon to reopen
the provisions of Section 384-d of the Retirement  and  Social  Security
Law for four Police Officers: Christopher Grieco, Wendell Griffin, Patsy
Leone and Jeremy Villanueva.
  If  this  legislation is enacting during the 2013 legislative session,
we anticipate that there will be an increase of approximately $31,000 in
the annual contributions of the City of Mount Vernon 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 $124,000, which would be
borne by the City of Mount Vernon as a one-time payment.  This  estimate
is  based  on  the  assumption  that payment will be made on February 1,
2014.
  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 March 12, 2013 and intended for use  only  during
the  2013  Legislative Session, is Fiscal Note No. 2013-100, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.