STATE OF NEW YORK
________________________________________________________________________
5711--A
2015-2016 Regular Sessions
IN SENATE
May 29, 2015
___________
Introduced by Sen. MARTINS -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT in relation to granting Eric Zausner tier IV status in the New
York state and local employees' retirement system
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law, Eric Zausner,
2 who is a member of the New York state and local employees' retirement
3 system having tier V status, and who, is employed by Nassau county and
4 has been so employed since January 20, 2011, and who, prior to his
5 current employment, was employed by the Nassau county board of elections
6 on a continuous part-time basis for the period beginning June 25, 2003
7 and ending July 6, 2005, and who, for reasons not ascribable to his own
8 negligence, failed to become a member of the New York state and local
9 employees' retirement system on June 25, 2003, shall be deemed to have
10 been a member of such retirement system on June 25, 2003, having tier IV
11 status with every right, benefit and privilege which would have been
12 available to him on such date, if, within one year of the effective date
13 of this act, he shall file a written request to that effect with the
14 state comptroller.
15 § 2. No contributions made to the New York state and local employees'
16 retirement system by Eric Zausner shall be returned or refunded to him
17 pursuant to this act.
18 § 3. All past service costs associated with the implementation of this
19 act shall be borne by the county of Nassau.
20 § 4. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10980-09-6
S. 5711--A 2
This bill will grant Tier 4 status in the New York State and Local
Employees' Retirement System to Eric Zausner, a current Tier 5 member
employed by Nassau County, by changing his date of membership to June
25, 2003. There will be no refund of member contributions.
If this legislation is enacted during the 2016 legislative session, we
anticipate that there will be an increase of approximately $2,380 in the
annual contributions of Nassau County for the fiscal year ending March
31, 2017. In future years, this cost will vary as the billing rates and
salary of Eric Zausner change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $13,200 which will be
borne by Nassau County as a one-time payment. This estimate is based on
the assumption that payment will be made on February 1, 2017.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2015 actuarial valu-
ation. Distributions and other statistics can be found in the 2015
Report of the Actuary and the 2015 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
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, 2015
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 February 4, 2016 and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-58, prepared by
the Actuary for the New York State and Local Retirement System.
