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History
- Substituted by A6569
- Advanced to third reading
- 2nd report cal.
- 1st report cal.836
- Referred to local government
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.
Authorizes the city of Mount Vernon to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city
Signed by Governor · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4397
Title of bill
An act to authorize the city of Mount Vernon, in the county of Westchester, to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city
Purpose or general idea of bill
To reopen the provisions of section 384-d of the retirement and social security law for 4 police officers in the City of Mount Vernon.
Justification
Due to an oversight by the Department of Public Safety, the 4 officers were placed into the 375-i plan of the retirement system instead of the 384-d plan. The officers were not able to fix the error within the allowed time frame of one year. As such, legislation will be enacted to allow the officers to be placed in the desired plan.
Prior legislative history
A10849A 2009/2010 referred to governmental employees.
Fiscal implications
This bill will allow the City of Mount Vernon to reopen the provisions of Section 384-d of the Retirement and Social Security Law for four Police Officers: Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva.
If this legislation is enacted during the 2015 Legislative Session we anticipate that there will be an increase of approximately $26,000 in the annual contributions of the City of Mount Vernon for the fiscal year ending March 31, 2016.
In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $177,000, which would be borne by the City of Mount Vernon as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2016.
Summary of relevant resources:
Data: March 31,2014 Actuarial Year End File with distributions of membership and other statistics displayed in the 2014 Report of the Actuary and 2014 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011, 2012, 2013 and 2014 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, 2014 New York State and Local Retirement System Financial Statements and Supplementary Information.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in the 2014 Actuarial Valuations report.
I am a member of the American Academy of Actuaries and meet the Qualification Standards to render the actuarial opinion contained herein.
This estimate, dated March 6, 2015, and intended for use only during the 2015 Legislative Session, is Fiscal Note No. 2015-84, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.