S T A T E   O F   N E W   Y O R K
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                                  5848

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              March 7, 2013
                               ___________

Introduced by M. of A. TENNEY -- read once and referred to the Committee
  on Governmental Employees

AN  ACT  to  grant David A. Reardon a retroactive membership date 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:

  Section 1. Notwithstanding any provision of law to the contrary, David
A.  Reardon, a member of the New York state and local employees' retire-
ment system having Tier IV status, who  was  employed  by  the  Town  of
Little  Falls  commencing  on February 16, 1972 and who, for reasons not
ascribable to his own negligence, failed to  become  a  member  of  such
retirement  system  during  such employment by the Town of Little Falls,
shall be deemed to have joined the New York state and  local  employees'
retirement system on February 16, 1972 and shall be retroactively grant-
ed  the  benefits of Tier I status in such retirement system, if, within
one year of the effective date of this act,  he  shall  file  a  written
request to that effect with the state comptroller.
  S 2. All past service costs of implementing the provisions of this act
shall be borne by the Thruway Authority.
  S  3. Notwithstanding any other provision of law, no employee contrib-
utions shall be returned to David A. Reardon.
  S 4. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, section 50:
  This bill will deem David A. Reardon to have become a  member  of  the
New  York  State  and Local Employees' Retirement System on February 16,
1972, his first date of employment with the Town of Little Falls, there-
by granting him Tier 1 status. No member contributions will be refunded.
  If this bill is enacted, we anticipate that there will be an  increase
of  approximately  $6,500  in  the  annual  contributions of the Thruway
Authority for the fiscal year ending March 31, 2014.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08202-03-3

              

A. 5848                             2

  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $75,500  which  will  be
borne  by  the Thruway Authority 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  February  15,  2013  and intended for use only
during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-86,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System.