S T A T E   O F   N E W   Y O R K
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                                  5239

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 15, 2013
                               ___________

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

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
              

S. 5239                             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.