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A09236 Summary:

A09236 Actions:

A09236 Floor Votes:

A09236 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 6936                                                  A. 9236
 
                SENATE - ASSEMBLY
 
                                      April 2, 2014
                                       ___________
 
        IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Civil Service
          and Pensions
 
        IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred
          to the Committee on Governmental Employees
 
        AN ACT granting retroactive tier IV membership in the New York state and

          local employees' retirement system to Brian Stebbins
 
          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, Brian Stebbins,
     2  a member of the New York state and local employees'  retirement  system,
     3  who  was employed on August 1, 2003, by the village of Green Island, and
     4  who filed a membership application in such system  on  August  1,  2003,
     5  which  should have given him Tier IV status but for reasons not ascriba-
     6  ble to his own negligence and due to an administrative error, the appli-
     7  cation was not processed in the usual manner and therefore not processed
     8  until March 15, 2012, may be deemed to have become a member of  the  New
     9  York  state and local employees' retirement system on August 1, 2003, if

    10  on or before December 31, 2014 he shall  file  an  application  therefor
    11  with  the state comptroller. Upon the receipt of such application, Brian
    12  Stebbins shall be granted Tier IV status in the New York state and local
    13  employees' retirement system and be eligible  for  all  the  rights  and
    14  benefits  thereof. No contributions made to the New York state and local
    15  employees' retirement system by Brian Stebbins shall be returned to  him
    16  pursuant to this act.
    17    § 2. Any past service costs incurred in implementing the provisions of
    18  this act shall be borne by the village of Green Island.
    19    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 4 status in the New York State and Local
        Employees' Retirement System to Brian M.  Stebbins,  a  current  Tier  5

        member  employed  by  the  State  of  New  York, by changing his date of
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13412-02-4
        S. 6936                             2                            A. 9236
 
        membership to August 1, 2003, the first date  he  was  employed  by  the
        Village of Green Island.
          If this legislation is enacted during the 2014 legislative session, we
        anticipate  that thee will be an increase of approximately $2,100 in the
        annual contributions of the State of New York for the fiscal year ending
        March 31, 2014.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately  $2,800  which  will  be

        borne  by  the Village of Green Island as a one time payment. This esti-
        mate is based on the assumption that payment will be made on February 1,
        2015.
          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, 2013 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2013
        Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012  and  2013  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, 2013
        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 January 17, 2014 and intended for use only during
        the 2014 Legislative Session, is Fiscal Note No.  2014-54,  prepared  by
        the  Actuary  for  the  New  York  State and Local Employees' Retirement
        System.