Bill Text: NY S00721 | 2013-2014 | General Assembly | Amended

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Bill Title: Authorizes Karen McClure to file for Tier II status with the state comptroller because she is currently Tier III, but worked for Cattaraugus county starting in 1973.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S00721 Detail]

Download: New_York-2013-S00721-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        721--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by Sen. GRISANTI -- read twice and ordered printed, 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
       AN  ACT in relation to allowing Karen McClure to file a request for Tier
         II status in the New York state and local employees' retirement system
         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, Karen McClure,
    2  who is a member of the New York state and  local  employees'  retirement
    3  system,  and who was employed as a city auditor in the city of Olean and
    4  in the county of Cattaraugus for the  period  beginning  July  1973  and
    5  ending September 1973, and who was employed as a treasurer for the coun-
    6  ty  of Cattaraugus for the period beginning July 1974 and ending Septem-
    7  ber 1976, and who for reasons not ascribable to her own  negligence  did
    8  not  become  a member of the New York state and local employees' retire-
    9  ment system at the time of her hiring and who is currently  a  Tier  III
   10  member  of  the  New  York  state and local employees' retirement system
   11  shall be deemed to have become a member of such system  as  of  July  1,
   12  1973 entitling her to Tier II status with every right, benefit and priv-
   13  ilege which would have been available to her on such date if, within one
   14  year of the effective date of this act, she shall file a written request
   15  to  that  effect  with the state comptroller.  Upon the granting of such
   16  retroactive membership, Karen McClure shall be granted a refund  of  any
   17  employee  contributions  made  by  her  to  the New York state and local
   18  retirement system.
   19    S 2. All past service costs associated with the implementation of this
   20  act shall be borne by the state of New York.
   21    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03047-03-3
       S. 721--A                           2
         This bill will deem Karen McClure to have become a member of  the  New
       York  State  and Local Employees' Retirement System on July 1, 1973, her
       first date of employment with the city of Olean,  thereby  granting  her
       Tier 2 status. All member contributions will be refunded.
         If  this bill is enacted, we anticipate that there will be an increase
       of approximately $2,790 in the annual contributions of Erie  County  for
       the fiscal year ending March 31, 2015.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past  service cost of approximately $58,700 which will be
       borne by the State of New York as a one-time payment. This  estimate  is
       based on the assumption that payment will be made on March 1, 2015.
         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, 2013  actuarial  valu-
       ation.  Distributions  and  other  statistics  can  be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  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, 2013
       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 October 29, 2013 and intended for use only during
       the  2014  Legislative  Session, is Fiscal Note No. 2014-25, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System.