Grants retroactive tier IV membership in the New York state and local employees' retirement system to Brian Stebbins.
STATE OF NEW YORK ________________________________________________________________________ S. 5564--A A. 7458--A 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y May 21, 2013 ___________IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print- ed, 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 IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred to the Committee on Governmental Employees -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT granting retroactive tier IV membership in the New York state and local employees' retirement system to Brian Stebbins THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any other provision of law, Brian Stebbins, a member of the New York state and local employees' retirement system, who was employed on August 1, 2003, by the village of Green Island, and who filed a membership application in such system on August 1, 2003, which should have given him Tier IV status but for reasons not ascriba- ble to his own negligence and due to an administrative error, the appli- cation was not processed in the usual manner and therefore not processed until March 15, 2012, may be deemed to have become a member of the New York state and local employees' retirement system on August 1, 2003, if on or before December 31, 2013 he shall file an application therefor with the state comptroller. Upon the receipt of such application, Brian Stebbins shall be granted Tier IV status in the New York state and local employees' retirement system and be eligible for all the rights and benefits thereof. No contributions made to the New York state and local employees' retirement system by Brian Stebbins shall be returned to him pursuant to this act. S 2. Any past service costs incurred in implementing the provisions of this act shall be borne by the village of Green Island.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01956-04-3 S. 5564--A 2 A. 7458--A
S 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 Brian M. Stebbins, a current Tier 5 member employed by the State of New York, by changing his date of membership to August 1, 2003, the first date he was employed by the Village of Green Island. If this legislation is enacted during the 2013 legislative session, we anticipate that there will be an increase of approximately $2,100 in the annual contributions of the State of New York 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 $1,200 which will be borne by the Village of Green Island as a one time payment. This esti- mate 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 May 9, 2013 and intended for use only during the 2013 Legislative Session, is Fiscal Note No. 2013-136, prepared by the Actuary for the New York State and Local Employees' Retirement System.