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S05207 Summary:

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S05207 Floor Votes:

S05207 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5207
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2013
                                       ___________
 
        Introduced  by  Sen.  BALL  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT in relation to allowing Nancy M. Dwyer to file a request for Tier
          IV status in the New York state and local employees' retirement system
          with the state comptroller
 

          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, Nancy M. Dwyer,
     2  a  member  of  the New York state and local employees' retirement system
     3  employed by the town of Southeast in Putnam county, who was employed  by
     4  the  tax  department in the town of Southeast in Putnam county beginning
     5  on August 27, 2001, and who, for  reasons  not  ascribable  to  her  own
     6  negligence,  failed  to  become a member of the New York state and local
     7  employees' retirement system while so employed by the tax department  in
     8  the town of Southeast, shall be deemed to have joined the New York state
     9  and  local  employees'  retirement  system  on August 27, 2001, if on or
    10  before December 31, 2013 she shall file an application therefor with the

    11  state comptroller. Upon the receipt of such application, Nancy M.  Dwyer
    12  shall  be granted Tier IV status in the New York state and local employ-
    13  ees' retirement system and be eligible for all the rights  and  benefits
    14  thereof.
    15    §  2. No contributions made to the New York state and local employees'
    16  retirement system by Nancy M. Dwyer shall be returned to her pursuant to
    17  this act.
    18    § 3. All past service costs of implementing the provisions of this act
    19  shall be borne by the town of Southeast in Putnam county.
    20    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will deem Nancy M. Dwyer, an employee of the Town of  South-
        east  in  Putnam  County  and  a Tier 5 member of the New York State and
        Local Employees' Retirement System, to have first become a member of the
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05524-02-3
        S. 5207                             2
 
        Retirement System on August 27,  2001,  thereby  making  her  a  Tier  4
        member.
          If  this bill is enacted, we anticipate that there will be an increase
        of approximately $2,000 in the  annual  contributions  of  the  Town  of
        Southeast 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 $1,050 which would be
        borne by the Town of Southeast as a one-time payment. This  estimate  is
        based on the assumption that payment will be made on February 1, 2014.

          Summary of relevant resources:
          Data:  March  31,  2012  Actuarial Year End File with distributions of
        membership and other statistics displayed in  the  2012  Report  of  the
        Actuary and 2012 Comprehensive Annual Financial Report.
          Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
        Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
        State of New York: Audit and Control.
          Market Assets and GASB Disclosures: March 31, 2012 New York State  and
        Local  Retirement System Financial Statements and Supplementary Informa-
        tion.
          Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
        the 2012 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 January 15, 2013 and intended for use only during
        the  2013  Legislative  Session, is Fiscal Note No. 2013-46, prepared by
        the Actuary for the New  York  State  and  Local  Employees'  Retirement
        System.