2010-3562010-356
Resolution Authorizing the Town Supervisor to Execute the Employer Contribution
Stabilization Program Contract with the New York State and Local Retirement System
At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County,
New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on
November 18, 2010.
The meeting was called to order by Christopher Colsey, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
ABSENT:
Christopher J. Colsey
William H. Beale
Vincent F. Bettina
Ismay Czarniecki
Joseph P. Paoloni
The following Resolution was introduced by Supervisor Colsey and seconded by
Councilman Beale.
WHEREAS, the Town of Wappinger annually contributes to the New York State and
Local Retirement System; and
WHEREAS, the New York State and Local Retirement System has enacted the
Employer Contribution Stabilization Program in the provisions of Chapter 57, Laws of 2010, for
payment of retirement contributions; and
WHEREAS, the Employer Contribution Stabilization Program option allows public
employers to pay a lower rate based upon a graded rate and amortize a portion of their annual
contribution; and
WHEREAS, the full amount due by December 15, 2010, and applying an early payment
discount, is $280,626.00, and
WHEREAS, the full amount due by December 15, 2010, and applying the amortization,
is $270,267.00 with the amount of $10,359 to be amortized at the rate of 5% interest; and
WHEREAS, the Town Board has received a copy of the Employer Contribution
Stabilization Program contract and supporting documents;
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set
forth and adopted herein.
2. The Town Board hereby authorizes the Town Supervisor to execute a contract
with New York State and Local Retirement System, thereby choosing the optional
amortized payment plan of the Employer Contribution Stabilization Program.
3. The Town Board hereby authorizes the Town Supervisor and Town Accountant to
adjust the Town of Wappinger Budget for fiscal year 2011 in accordance with the
Employer Contribution Stabilization Program.
4. This resolution shall take effect immediately.
The foregoing was put to a vote which resulted as follows:
CHRISTOPHER COLSEY, SUPERVISOR
Voting:
AYE
WILLIAM H. BEALE, COUNCILMAN
Voting:
AYE
VINCENT F. BETTINA, COUNCILMAN
Voting:
AYE
ISMAY CZARNIECKI, COUNCILWOMAN
Voting:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
AYE
Dated: Wappingers Falls, New York
11/18/2010
The Resolution is hereby duly declared adopted.
9LC-AL,
01HN C. MASTERSON, TOWN CLERK
Employer Contribution Stabilization Program
Chapter 57, Laws of 2010
Name of Participating Employer and Location Code
I,
(print name) (Chief Executive Officer/Chief Financial Officer)
RECEIVED
NOV 0 4 2010
ACCOUNTING
do hereby affirm that I am authorized to act on behalf of the above -listed participating employer of the
New York State and Local Retirement System and that the participating employer hereby elects to
participate inthe provisions of Chapter 57, Laws of 2010, for payment of retirement contributions.
0 Employees Retirement System only,
Q Police and Fire Retirement System only
Both.
I understand once the participating employer has elected to participate and has amortized an amount, it
cannot withdraw from the program, however, it is not required to amortize each year and may amortize
less than the maximum amount.
I also understand that this program enables participating employers to pay a lower amount based on a
graded rate and amortize a portion of their invoice. Program participants may amortize the difference
between the normal contribution rate and the graded rate. Each year, the graded rate will increase or
decrease up to 1 percent annually based on the change in the System average rate. Under this program,
employers pay less than the normal contribution rate as rates increase.
At such time as the normal contribution rate decreases, I understand that the participating employer will
be required to pay more than the normal contribution rate. Any excess payments above the normal
contribution rate will first be used to pay off existing amortizations. When all amortizations have been
paid, any excess will be deposited into a reserve account to be used to offset future increases in
contribution rates.
( Date)
(Signature)
office of the New York State Comptroller
Thomas P. DINapoli
New York State and Local Retirement System
Employees' Retirement System
Police and Fire Retirement System
110 State Street, Albany, New York 122440001
Michael Clenahan, Assistant Director, Member & Employer Services
Dear Employer:
Phone:
518-473-4132
Fax:
518-474-9898
E-mail:
mclenahan@osc.state.ny.us
Web:
www.osc.state.ny.us/retire
November 2, 2010
Enclosed are your Annual Invoice and Payment Form. The invoice shows the discounted amount
due on December 15, 2010 and the full amount due on February T, 2011.
If you choose to prepay the discounted amount, payment must be received on or before
December 15, 2010. Payments received after this date will be applied to. the full amount due
February 1, 2011. A letter stating the remaining amount due on or before February 1, 2011 will be
sent to you. Payments received after February 1, 2011 will be subject to a delinquency penalty of
8 percent. The instructions for wiring payments are enclosed.
The Emn1_� ny!er Contrihution StabilizationPmgr� am (Pam-DfDf-Chapter Lags _of 2010.) was
signed into law August 11, 2010. This program gives you the option to amortize a portion of your
annual pension cost. The amortized amount will be paid in equal installments over a ten-year
period and may be prepaid at any time.
The annual payment due _February 1, 2011isthe first payment eligible for amortization. The
maximum amount that can be amortized for 2011 was provided to you in our August addendum to
the estimate. If you choose to amortize in 2011, the first installment was shown on your 2012
projection, and will be due with the February 1, 2012 invoice. The interest rate on 2011
amortizations is 5 percent.
11Wnce you have elected to participate and have amortized an
amount, you cannot withdraw from the program; however, you are not required to amortize each
year and you may amortize less than the maximum amount.
Information about the program is available on our website at www.osc.state.ny.us/retire/employers.
If you have any questions, you may email us at RTEmpSerCcDosc.state. ny.us, call me at
518-473-4132 or contact our Billing Unit at 518-486-3921.
Sincerely,
i
^RECEIVED
Michael J. Clefiahan NOV 0 4 2010
Assistant Director
,Member and Employer Services Bureau ACCOUNTING
MC:cab
Enclosures
RECEIVE[
NOV 0 4 2010
ACCOUNT I J\�°-)
Annual Invoice
Employees' Retirement System
Payment of this invoice must be received by the Retirement System on or before February 1, 2011.
Unpaid balances accrue interest at an annual rate of 8%. Enclosed is a self addressed envelope to remit
your payment. If you have any questions, contact Michael Clenahan at 518-473-4132 or the Billing
Unit at 518-486-3921
Mr Charles Reinhardt
Location Code
Fiscal Year Ending
Town of Wappinger
30409
March 31, 2011
Regular Pension
Tier Plan Options
Projected Salary
Rate
Contributions * GTLI
1 75I
$3,735
15.2
$553 $15
2 751
$217,329
13.9
$29,339 $869
3 A14
$170,249
11.2
$18,387 $681
4 A15
$2,020,160
11.2
$218,177 $8,081
5 A15
$21,603
9
$1,858 $86
Totals
$2,433,076
$268,314 $9,732
Based on actual March 31, 2010 salaries
($28,426)
Prior Years Adjustment
Prior Years Adjustment Credit
$33,986
($268)
Chapter 57, Laws of 2010 Maximum Amortization Amount $10,359
If you choose to prepay on December 15th, the discounted amount due is:
To determine the discounted amount for Ch. 260 amortizations, please divide each
individual entry by 1.006117.
To determine the discounted amount for all other individual entries, please divide by 1.009667.
* Regular Pension Bill without GTLI and Late Start Charges - Uses Estimated Salaries with
Final Rates.
Page 1 of 1
41
� 03
F i t
r �
Annual Invoice Payment
Employees' Retirement System
Mr Charles Reinhardt
Account Clerk
Town of Wappinger
20 Middlebush Rd
Wappingers Falls, NY 125900324
Invoice Number
RECEIVED
NOVO 4 2010
ACCOUNTING
Invoice Date
30409E101215ACS02 November 15, 2010
Location Code Fiscal Year Ending
30409
March 31, 2011
The following amounts, as certified by the actuary, constitute your retirement system
contribution for fiscal year 2011. This invoice is payable on December 15, 2010 or
February 1, 2011. The unpaid balance will accrue interest at an annual rate of 8%. All
amounts have been rounded to the nearest dollar. Please make your check payable to the
New York State and Local Employees' Retirement System. Enclosed is a self addressed
envelope to remit your payment. If you have any questions, contact Michael Clenahan at
518-473-4132 or the Billing Unit at 518-486-3921.
February 1, 2011 Total Amount Due $283,339
February 1, 2011 Using Maximum Amortization $272,980
Chapter 57, Laws of 2010 Maximum Amortization Amount $10,359
chooseIf you
December 15, 2010 Total Amount Due $280,626
December 15, 2010 Using Maximum Amortization $270,267
Please retain a copy for your records and return this page with your payment to:
New York State and Local Retirement System
110 State Street
Albany, New York 12244-0001
Office of the New York State Comptroller RECEIVED
Thomas P. DlNapoll
New York State and Local Retirement System N O V 0 4 2010
Employees' Retirement System
Police and Fire Retirement System ACCOUNTING
CCO 1 V 1 n 1 Tp N G
110 State Street, Albany, New York 12244-0001 t V 1 1
WIRING INSTRUCTIONS:
JP Morvan Chase customers:
JPMorgan Chase
Credit to NYSCRF — DDA acct: 961-2932260
TITAN Account - P93226
Attn: Daniel Murphy
All others:
JPMorgan Chase
ABA # 021 000 021
A/C 900-9-000127 _
For A/C NYCRF / P93226
Attn: Daniel Murphy
When wiring your payment, please include the Employer Name,
Location Code, and Invoice number.
Please_ contact Mike Manning before sending the wire.
Email: MManning(a)_osc.state.ny.us
Fax: (518) 486-3252
Telephone: (518) 486-3245
RECEIVED
OCT 0 7 2010
ACCOUNTING
Projection FYE 2012
Employees' Retirement System
This is a projection of the employer contribution for the February payment due February 1, 2012. This
projection should be used in coordination with your budget amount. If you have any questions, contact
Michael Clenahan at 518473-4132, or the Billing Unit at 518486-3921
Mr Charles Reinhardt Location Code Fiscal Year Ending
Town of Wappinger 30409 March 31, 2012
Plan Options
Projected Salary
Rate
Regular Pension
GTLI
Contribution*
75I
$3,063
21.3
$640
$12
75I
$199,943
19.5
$38,189
$800
A14
$165,142
15.6
$25,101
$661
A15
$2,121,168
15.6
$322,417
$8,485
A15
$43,206
12.6
$5,271
$173
Totals
$2,532,522
$391,618
$10,131
ESTIMATED AMOUNT THAT MAYBE AMORTIZED $125,703
Maximum Amount that may be amortized for FYE 2012 (Regular Pension Contribution minus
10.5% of Projected Salary)
To determine the discounted amount for Ch. 260 and Ch. 57 amortizations, please divide each individual entry
by 1.006117
To determine the discounted amount for past service cost amounts, please divide by 1.009667
To determine the discounted amount for all other individual entries, please divide by 1.009081
If you decide to amortize the 2011 amount previously quoted to you, your Feb. 1, 2012 Installment Payment
will be $ 1342
*Regular Pension Bill without GTLI and Late Start Charges -Uses Estimated Salaries with Final Rates
THIS IS NOT A BILL
• Office of the New York State Comptroller
Thomas P. DiNapoli
New York State and Local Retirement System �FCrT\ !ED
Employees' Retirement System G 1 V
Police and Fire Retirement System OCT 0 1 ZQ14
110 State Street, Albany, New York 12244-0001
Kevin M. Murray, Deputy Comptroller AV CCO' 1 N -TING
October 2010
Dear Employer:
Enclosed is a projection of your annual payment due February 1, 2012. We have also provided you with additional information on
the projection, such as tier break downs, and contribution rates.
The following assumptions were used for this projection:
1. To project your April 1, 2011 through March 31, 2012 salary, we used your April 1, 2009 through March 31, 2010 salary base and
projected it forward two years. Please see page 2 for further information. This formula was also used to determine the estimated
amount that can be amortized under Chapter 57, Laws of 2010.
2. If you are paying a deficiency amount and the deficiency was.incurred after April 1, 2001, the payment is the same as the
February 1, 2011 payment.
3. If you are paying a deficiency amount and the deficiency was incurred before ApriH, 2001, the payment amount shown on this
projection is the same as the amount used on last year's invoice and is subject to change when the final calculation is made.
4. We assumed that you have no credits available. Any remaining credits will be included in your bill due February 1, 2012, which will
be mailed to you in early November 2011.
5. If you participated in the Early Retirement Incentive Program, you should make an appropriation for the cost.
The enclosed projection does not contain certain adjustments, including Prior Year Adjustments, Reconciliation, or 430 Credits.
Chapter 260 (Laws of 2004) changed the annual invoice payment date from December 15, to February 1. In order to provide
greater service to our participating employers, Comptroller DiNapoli is continuing to offer a discounted payment amount if you choose to
prepay your invoice on December 15. This discounted amount is also quoted on your projection.
The Employer Contribution Stabilization Program was signed into law on August 11, 2010 as Part TT of Chapter 57, of the Laws of
2010. The statute gives you the option to amortize a portion of your annual pension costs. Amortizations are paid in equal installments over
a ten-year period at an interest rate that is set annually. The interest rate is 5 percent for any 2011 invoiced amounts that are amortized. This
projection includes an estimate of the maximum amount you can amortize with the February 1, 2012 invoice. We will provide you with a final
2012 amortization figure and interest rate on your February 1, 2012 estimate, which will be mailed next August. If you wish to participate in
the program, you must complete an authorization form. The form will be provided with your annual invoice. You should be aware that once
you elect to participate in the program and amortize an amount, you cannot opt out of the program; your decision is irrevocable. Although
you cannot withdraw from the program, you are not required to amortize every year and you can amortize less than the maximum amount
- - --- - ----
allowed. Employers who opt into the program will make higher payments when the rates are low. These excess payments are first applied
to any existing amortizations and, once amortizations are paid in full, are deposited into a reserve account fund to offset future rate
increases.
Please note that the contribution rates issued in September 2010 for use in your February 1, 2012 bill are final rates and we will
use these rates to prepare your final bill. Because contribution rates are based on the previous year's actuarial valuation, we are able to
notify you of the final rates 17 months in advance of the payment due date. For more information on contribution rates, visit our website at
www.osc.state.ny.usiretirelemployers. For an explanation of terms used in this letter or on your projection, please refer to page 2.
1 hope that the enclosed information is helpful. If you need additional information or have any questions, please contact Michael J.
Clenahan at 518-473-4132 or via email at rtempser@osc. state.ny.us. If you prefer, you may contact our Billing Unit directly at 518-486-3921.
Sincerely,
Kevin F. Murray
Enclosure