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S05564 Summary:

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S05564 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 5564--A                                            A. 7458--A
 
                               2013-2014 Regular Sessions
 
                SENATE - ASSEMBLY
 
                                      May 21, 2013
                                       ___________
 
        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 -- committee discharged, bill amended, ordered reprinted
          as amended and recommitted to said committee
 

        IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred
          to the Committee on Governmental Employees  --  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,  if
    10  on  or  before  December  31, 2013 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.
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01956-04-3
        S. 5564--A                          2                         A. 7458--A
 
     1    § 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 2013 legislative session, we

        anticipate that there 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 $1,200 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,
        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 May 9, 2013 and intended for use only during the
        2013 Legislative Session, is Fiscal Note No. 2013-136, prepared  by  the
        Actuary for the New York State and Local Employees' Retirement System.