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S08008 Summary:

S08008 Actions:

S08008 Committee Votes:

S08008 Floor Votes:

S08008 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8008
 
                    IN SENATE
 
                                      June 3, 2016
                                       ___________
 
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to Ryan L. Dickerson
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Notwithstanding  any  other  law to the contrary, Ryan L.
     2  Dickerson, who is currently a Tier V member of the New  York  state  and
     3  local employees' retirement system and currently employed by the village
     4  of  South  Corning, and who was appointed to a position with the village
     5  of South Corning on September 24, 2009, and who, for reasons not ascrib-
     6  able to his own negligence, failed to become a member of  the  New  York
     7  state  and  local  employees'  retirement  system  in  2009  when  first
     8  appointed to the position, may be deemed to have become a member of  the
     9  New  York  state and local employees' retirement system on September 24,
    10  2009, if on or before December 31, 2016 he  shall  file  an  application
    11  therefor  with  the state comptroller. Upon the receipt of such applica-
    12  tion, Ryan L.  Dickerson shall be granted Tier IV status in the New York
    13  state and local employees' retirement system and be eligible for all the
    14  rights and benefits thereof. No contributions made to the New York state
    15  and local employees' retirement system by Ryan  L.  Dickerson  shall  be
    16  returned to him 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 South Corning.
    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 Ryan L.  Dickerson,  a  current  Tier  5
        member employed by the Village of South Corning, by changing his date of
        membership  to  September  24,  2009.  There will be no refund of member
        contributions.
          If this legislation is enacted during the 2016 legislative session, we
        anticipate that there will be an increase of approximately $1,290 in the
        annual contributions of the Village of South Corning for the fiscal year
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15676-02-6
        S. 8008                             2
 
        ending March 31, 2017. In future years, this cost will vary as the bill-
        ing rates and salary of Ryan L. Dickerson change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $9,810 which will be
        borne by the Village of South Corning as a one-time payment. This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2017.
          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, 2015  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2015
        Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        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, 2015
        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  June 2, 2016, and intended for use only during
        the 2016 Legislative Session, is Fiscal Note No. 2016-106,  prepared  by
        the Actuary for the New York State and Local Retirement System.