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A10017 Summary:

A10017 Actions:

A10017 Floor Votes:

A10017 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10017--A
 
                   IN ASSEMBLY
 
                                       May 1, 2012
                                       ___________
 
        Introduced  by M. of A. RUSSELL -- Multi-Sponsored by -- M. of A. BLANK-
          ENBUSH -- read once and referred  to  the  Committee  on  Governmental
          Employees  -- reported and referred to the Committee on Ways and Means
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and recommitted to said committee
 
        AN  ACT to authorize persons who are members or retirees of the New York

          State and Local Employees' Retirement System pursuant  to  administra-
          tive  agreements  between  the Jefferson County Industrial Development
          Agency and certain development corporations or centers to continue  to
          receive credit for service
 
          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 to the  contra-
     2  ry,  any  person  who  is or has been a member of the New York State and
     3  Local Employees' Retirement System  and  is  rendering  service  or  has
     4  rendered  service  to  the Jefferson County Job Development Corporation,
     5  the Jefferson County Local Development Corporation, the Jefferson County
     6  Agricultural Development Corporation, the  Watertown  Industrial  Center
     7  Local  Development  Corporation,  the Watertown Local Development Corpo-

     8  ration, The Economic Development Corporation of the Village of Carthage,
     9  or The Carthage Industrial Development Corporation pursuant to  adminis-
    10  trative  service agreements, contract or other arrangements entered into
    11  between the Jefferson County  Industrial  Development  Agency  and  such
    12  development  corporation  shall be eligible to receive and retain credit
    13  for service previously granted by the retirement  system  for  all  such
    14  service  rendered  prior  to August 1, 2012, provided, however, that the
    15  Jefferson County Industrial Development Agency and  the  person  who  is
    16  rendering  or  has rendered service to the Jefferson County Job Develop-
    17  ment Corporation, the Jefferson County  Local  Development  Corporation,
    18  the Jefferson County Agricultural Development Corporation, the Watertown
    19  Industrial  Center  Local  Development  Corporation, the Watertown Local

    20  Development Corporation, The Economic  Development  Corporation  of  the
    21  Village  of Carthage, or The Carthage Industrial Development Corporation
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15233-07-2
        A. 10017--A                         2
 
     1  shall make all required employer and employee contributions to  the  New
     2  York State and Local Employees' Retirement System.
     3    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow current and retired employees of the Jefferson
        County Industrial Development Agency (JCIDA) to  retain  service  credit

        and  membership status and obtain additional service credit through July
        31, 2012 in the New York State and Local  Employees'  Retirement  System
        (ERS)  based upon services rendered to the Jefferson County Job Develop-
        ment Corporation, the Jefferson County  Local  Development  Corporation,
        the Jefferson County Agricultural Development Corporation, the Watertown
        Industrial  Center  Local  Development  Corporation, the Watertown Local
        Development Corporation, The Economic  Development  Corporation  of  the
        Village  of  Carthage or The Carthage Industrial Development Corporation
        pursuant to arrangements entered into with the JCIDA. The JCIDA has paid
        into the ERS for all such service on behalf of these individuals.
          If this bill is enacted, there would be no additional annual costs.
          Summary of relevant resources:

          Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
        membership  and  other  statistics  displayed  in the 2011 Report of the
        Actuary and 2011 Comprehensive Annual Financial Report.
          Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
        troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
        State of New York: Audit and Control.
          Market Assets and GASB Disclosures: March 31, 2011 New York State  and
        Local  Retirement System Financial Statements and Supplementary Informa-
        tion.
          Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
        the 2011 Actuarial Valuations report.
          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 June 15, 2012, and intended for use only during

        the 2012 Legislative Session, is Fiscal Note No. 2012-162,  prepared  by
        the  Actuary  for  the  New  York  State and Local Employees' Retirement
        System.