Allows the Town of Kent to reopen the optional retirement plan offered under section 384-d of the retirement and social security law to police sergeant Jerry R. Raneri

BILL NUMBER:S5668

Title of bill

An act to authorize the Town of Kent, in the county of Putnam, to offer certain retirement options to police officer Jerry R. Raneri

Purpose or general idea of bill

The purpose allows the Town of Kent to re-open the optional retirement plan offered under Section 384-d of the Retirement and Social Security law to Police Sergeant Raneri.

Summary of specific provisions

Section 1: The Town of Kent is authorized to make the participation in the optional twenty year retirement plan, established pursuant to section 384-d of the retirement and social security law, available to Jerry R. Raneri, a police sergeant employed by the Town of Kent. Jerry R. Raneri, a police sergeant employed by the Town of Kent, who, on the effective date of this act is covered under 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.

The Town of Kent may so elect by filing with the state comptroller, on or before, December 31, 2011, a resolution of its legislative body together with certification that the police officer did not bar himself from participation in such retirement plan as a result of his own negligence. Thereafter, 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 the coverage under such section, by filing a request to that effect with the state comptroller on or before June 30, 2012.

Section 2: All past service costs associated with the implication of this provision shall be borne by the Town of Kent.

Justification

This legislation is necessary to allow the Town of Kent to make participation in plan 354-d of the New York State and Local Police and Fire Retirement System available to police sergeant Jerry R. Raneri, who through no fault of his own failed to make a timely application to participate in such an optional retirement plan.

Prior legislative history

A.10629-A and S.7620-A of 2009/2010

Fiscal implications

If the legislation is enacted during the 2011 legislative session, there will be an increase of $6,300 in annual contributions of the Town of Kent for the fiscal year ending March 31, 2012.

In addition to the annual contributions stated in above paragraph, there will be an immediate past service cost of approximately $29,100

which will be borne by the Town of Kent as a one-time payment. This estimate assumes that payment will be made on February 1,2012.

This estimate, dated June 7, 2011, and intended for use only during the 2011 legislative Session is Fiscal Note No. 2011-194, prepared by the Actuary for the New York State and Local Police and Fire Retirement System."

Effective date

This act shall take effect immediately.