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A10728 Summary:

A10728 Actions:

A10728 Floor Votes:

A10728 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10728--A
 
                   IN ASSEMBLY
 
                                      June 18, 2012
                                       ___________
 
        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Canestrari)
          -- read once and referred to  the  Committee  on  Ways  and  Means  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
 
        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.
    10    § 2. Any past service costs incurred in implementing the provisions of

    11  this act shall be borne by the village of Green Island.
    12    § 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
        membership  to  August  1,  2003,  the first date he was employed by the
        Village of Green Island.
          If this legislation is enacted during the 2012 legislative session, we
        anticipate that there will be an increase of approximately $1,600 in the
        annual contributions of the State of New York for the fiscal year ending
        March 31, 2013.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $130 which will be borne

        by the Village of Green Island as a one time payment. This  estimate  is
        based on the assumption that payment will be made on February 1, 2013.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16285-05-2
        A. 10728--A                         2
 
          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 18, 2012 and intended for  use  only  during
        the  2012 Legislative Session, is Fiscal Note No.  2012-163, prepared by
        the Actuary for the New  York  State  and  Local  Employees'  Retirement
        System.