Bill Text: NY S07089 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes persons who are members or retirees of the New York State and Local Employees' Retirement System pursuant to administrative agreements between the Jefferson County Industrial Development Agency and certain development corporations or centers to continue to receive credit for service.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-21 - COMMITTED TO RULES [S07089 Detail]

Download: New_York-2011-S07089-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7089
                                   I N  S E N A T E
                                    April 27, 2012
                                      ___________
       Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize persons who are members or retirees of the New  York
         State  and  Local Employees' Retirement System pursuant to administra-
         tive agreements between the Jefferson  County  Industrial  Development
         Agency  and certain development corporations or centers to continue to
         receive credit for service
         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 to the contra-
    2  ry, any person who is or has been a member of the  New  York  State  and
    3  Local  Employees'  Retirement  System  and  is  rendering service or has
    4  rendered service to the Jefferson County  Job  Development  Corporation,
    5  the Jefferson County Local Development Corporation, the Jefferson County
    6  Agricultural  Development  Corporation,  the Watertown Industrial Center
    7  Local Development Corporation, the Watertown  Local  Development  Corpo-
    8  ration, The Economic Development Corporation of the Village of Carthage,
    9  or  The Carthage Industrial Development Corporation pursuant to adminis-
   10  trative service agreements, contract or other arrangements entered  into
   11  between  the  Jefferson  County  Industrial  Development Agency and such
   12  development corporation shall be eligible to receive and  retain  credit
   13  for  service  previously  granted  by the retirement system for all such
   14  service rendered prior to January 1, 2013, provided, however,  that  the
   15  Jefferson  County  Industrial  Development  Agency and the person who is
   16  rendering or has rendered service to the Jefferson County  Job  Develop-
   17  ment  Corporation,  the  Jefferson County Local Development Corporation,
   18  the Jefferson County Agricultural Development Corporation, the Watertown
   19  Industrial Center Local Development  Corporation,  the  Watertown  Local
   20  Development  Corporation,  The  Economic  Development Corporation of the
   21  Village of Carthage, or The Carthage Industrial Development  Corporation
   22  shall  make  all required employer and employee contributions to the New
   23  York State and Local Employees' Retirement System.
   24    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15233-04-2
       S. 7089                             2
    1    FISCAL NOTE.--This bill will allow current and  retired  employees  of
    2  the  Jefferson  County  Industrial  Development Agency (JCIDA) to retain
    3  service credit and membership status and obtain additional service cred-
    4  it through December 31, 2012 in the New York State and Local  Employees'
    5  Retirement  System  (ERS)  based upon services rendered to the Jefferson
    6  County Job Development Corporation, the Jefferson County Local  Develop-
    7  ment  Corporation,  the Jefferson County Agricultural Development Corpo-
    8  ration, the Watertown Industrial Center Local  Development  Corporation,
    9  the  Watertown  Local  Development Corporation, The Economic Development
   10  Corporation of the Village of Carthage or The Carthage Industrial Devel-
   11  opment Corporation pursuant to arrangements entered into with the JCIDA.
   12  The JCIDA has paid into the ERS for all such service on behalf of  these
   13  individuals.
   14    If this bill is enacted, there would be no additional annual costs.
   15    Summary of relevant resources:
   16    Data:  March  31,  2011  Actuarial Year End File with distributions of
   17  membership and other statistics displayed in  the  2011  Report  of  the
   18  Actuary and 2011 Comprehensive Annual Financial Report.
   19    Assumptions  and  Methods:  2010  and  2011 Annual Report to the Comp-
   20  troller on Actuarial Assumptions, Codes Rules  and  Regulations  of  the
   21  State of New York: Audit and Control.
   22    Market  Assets and GASB Disclosures: March 31, 2011 New York State and
   23  Local Retirement System Financial Statements and Supplementary  Informa-
   24  tion.
   25    Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
   26  the 2011 Actuarial Valuations report.
   27    I am a member of the American Academy of Actuaries and meet the Quali-
   28  fication Standards to render the actuarial opinion contained herein.
   29    This estimate, dated April 25, 2012, and intended for use only  during
   30  the  2012  Legislative Session, is Fiscal Note No. 2012-137, prepared by
   31  the Actuary for the New  York  State  and  Local  Employees'  Retirement
   32  System.