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

                                  8662

                          I N  A S S E M B L Y

                            January 31, 2014
                               ___________

Introduced by M. of A. PAULIN -- read once and referred to the Committee
  on Governmental Employees

AN  ACT to authorize the village of Tuckahoe, in the county of Westches-
  ter, to offer a certain retirement option to police  officer  Christo-
  pher J.  Santiago

  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 Tuckahoe, 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 firefighters and police officers employed by such village,
is hereby authorized to make participation in  such  plan  available  to
police  officer Christopher J. Santiago, who was employed by the village
of Tuckahoe on August 4, 2008 and who, on the effective date of this act
is covered under the provisions of section 375-i of the  retirement  and
social  security  law,  and  who,  for reasons not ascribable to his own
negligence failed to make a timely application to  participate  in  such
optional  retirement  plan.    Thereafter, police officer Christopher J.
Santiago 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  within  one
year of the effective date of this act.
  S   2.  All  past  service  costs  associated  with  implementing  the
provisions of this act shall be borne by the village of Tuckahoe.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill will allow the village of Tuckahoe to elect  to  reopen  the
provisions  of  Section  384-d of the Retirement and Social Security Law
for police officer Christopher J. Santiago.
  If this bill is enacted and Christopher J.  Santiago  becomes  covered
under  the provisions of Section 384-d, we anticipate that there will be

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

                                                           LBD11767-03-3

A. 8662                             2

an increase of approximately $8,900 in the annual contributions  of  the
village of Tuckahoe for the fiscal year ending March 31, 2015. In future
years,  this  cost will vary as the billing rates and salary of Christo-
pher J. Santiago change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $9,950 which would be
borne by the village of Tuckahoe 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 used in measuring the impact of the proposed change was
the same as that  used  in  the  March  31,  2013  actuarial  valuation.
Distributions  and  other  statistics can be found in the 2013 Report of
the Actuary and the 2013 Comprehensive Annual Financial Report.
  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
Supplementary Information.
  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 November 20,  2013  and  intended  for  use  only
during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-35,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.