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History
- Substituted by A9182
- Advanced to third reading
- 2nd report cal.
- 1st report cal.747
- Referred to civil service and pensions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to specifying the time frame under which the village of Southampton shall pay certain retirement costs
Signed by Governor · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6382
Title of bill
An act to amend chapter 365 of the laws of 2011, relating to authorizing the village of Southampton, in the county of Suffolk, to offer certain retirement options to police officer Theodore Raffel, Jr., in relation to specifying the time frame under which the village of Southampton shall pay the costs for implementing such retirement options
Purpose
This legislation would allow the village of Southampton to amortize the costs associated with the reopening the optional retirement plan offered under Section 384-d of the Retirement and Social Security to police officer Theodore Raffel, Jr. over a five-year period.
Summary of provisions
This bill will allow the village of Southampton, in the county of Suffolk, a participating employer in the New York State and Local Police and Fire Retirement System, to elect to reopen the provisions of Section 384-d of the Retirement and Social Security Law for police officer Theodore Raffel, Jr.
The village may file with the State Comptroller by December 31, 2012 a resolution of its local legislative body together with certification that Theodore Raffel did not bar himself from participation in the retirement plan as a result of his own negligence. Thereafter, Theodore Raffel, Jr. must file a request with the State Comptroller by June 30, 2013 electing coverage under Section 384-d of the Retirement and Social Security Law.
All past service costs associated with the implementation of these provisions shall be borne by the village of Southampton and shall be payable over a period of five years.
Justification
For reasons not ascribable to his own negligence, Theodore Raffel, Jr. who is employed by the village of Southampton Police Department and is an active member of the New York State and Local Police and Fire Retirement currently covered by the provisions of Section 375-i of the Retirement and Social Security Law, failed to make a timely application to participate in the optional retirement plan that is available to police officers employed by the village of Southampton under Section 384-d of the Retirement and Social Security Law. To correct this inequity, Chapter 365 of the Laws of 2011 was enacted at the village's request to allow the reopening of such provisions.
The immediate past service costs associated with the implementation of Chapter 365 of the Laws of 2011 were to be borne by the village of
Southampton as a one-time payment. However, the village inadvertently budgeted for this payback over a five-year period. This chapter amendment is necessary to allow the village of Southampton to amortize the past service cost over a five-year period. Further, this chapter amendment grants Officer Raffel and the village of Southampton an additional year to elect Section 374-d since the filing deadlines contained in Chapter 365 have already expired.
Legislative history
New legislation.
Fiscal implications
The Actuary of the New York State and Local Police and Fire Retirement System anticipates an increase of approximately $11,100 in the annual contributions of the village of Southampton for the fiscal year ending March 31, 2013. In addition, there will e an immediate past service cost of approximately $185,000 which would be borne by the village of Southampton as a one-time payment based on the assumption that payment will be made on February 1, 2013. If the cost is amortized over a five-year period, the cost for the first year, including interest would be approximately $42,000.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.