Bill Text: NY S05207 | 2013-2014 | General Assembly | Introduced

---

Bill Title: Relates to allowing Nancy M. Dwyer to apply for Tier IV status with the state comptroller.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2013-07-31 - SIGNED CHAP.293 [S05207 Detail]

Download: New_York-2013-S05207-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5207
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     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    S  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    S 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    S 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.