S T A T E O F N E W Y O R K
I N S E N A T E
May 16, 2014
Introduced by Sen. LARKIN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the town of Stony Point, in the county of Rockland,
to offer an optional twenty year retirement plan to police officers
Dennis Tobin, Thomas Clarke and Christopher Schulok
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 town of Stony Point, in the county of Rockland, 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 town, is
hereby authorized to make participation in such plan available to Dennis
Tobin, Thomas Clarke and Christopher Schulok, police officers employed
by the town of Stony Point, 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 town of Stony Point may so
elect by filing with the state comptroller, on or before December 31,
2014, a resolution of the town board 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 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 while so employed, by filing a request to that effect with the
state comptroller on or before June 30, 2015.
S 2. All past service costs associated with implementing the
provisions of this act shall be borne by the town of Stony Point.
S 3. This act shall take effect immediately.
FISCAL NOTE.--This bill will allow the Town of Stony Point to reopen
the provisions of Section 384-d of the Retirement and Social Security
Law for police officers Dennis Tobin, Thomas Clarke and Christopher
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 7616 2
If this legislation is enacted during the 2014 legislative session, we
anticipate that there will be an increase of approximately $14,700 in
the annual contributions of the Town of Stony Point for the fiscal year
ending March 31, 2015. In future years, this cost will vary as the bill-
ing rates and salaries of these officers change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $14,300, which will be
borne by the Town of Stony Point as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2015.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2013 actuarial valu-
ation. Distributions and other statistics can be found in the 2013
Report of the Actuary and the 2013 Comprehensive Annual Financial
The actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial
Assumptions, and the Codes Rules and Regulations of the State of New
York: Audit and Control.
The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local Retirement System Financial Statements and
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 6, 2014 and intended for use only during the
2014 Legislative Session, is Fiscal Note No. 2014-125, prepared by the
Actuary for the New York State and Local Police and Fire Retirement