S T A T E   O F   N E W   Y O R K
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                                  7586

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 23, 2013
                               ___________

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

AN  ACT in relation to authorizing former employees of the State Univer-
  sity of New York NY Network  to  retain  membership  in  the  optional
  retirement program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative intent. It is the intent of the legislature  to
allow  former  employees  of the State University of New York NY Network
who were transferred to positions within the New York  state  office  of
general  services  to  elect  to  be  reinstated as members of the State
University of New York optional retirement program.
  S 2. Short title. An act authorizing former  employees  of  the  State
University  of  New York NY Network to retain membership in the optional
retirement program.
  S 3. Definitions. (a) "Employee" shall mean a former employee  of  the
State  University  of  New  York  NY  Network;  (b) "optional retirement
program" shall mean the State University of New York optional retirement
program.
  S 4. General provisions. Notwithstanding any other provision  of  law,
employees  who  were  members  of the optional retirement program during
their employment at the NY Network and who are now in the employ of  the
state  of  New York office of general services and became members of the
New York state employees' retirement system may elect to  be  reinstated
to the optional retirement program and terminate their membership in the
New York state employees' retirement system.
  S 5. Notice of election. Such reinstatement to the optional retirement
program  from  the  New  York state employees' retirement system must be
notarized and submitted in writing to the  office  of  general  services
within  ninety  days after the enactment of this special act, such rein-
statement shall be irrevocable and will terminate the electors'  member-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11206-01-3
              

A. 7586                             2

ship  in  the New York state employees' retirement system. The office of
general services shall provide written notice of this  election  to  the
New  York  state  employees'  retirement system no less than thirty days
after the notice was received.
  S  6.  Payment  of  employer  contribution rate. The state of New York
shall make the required employer contributions for  such  employees  who
elect  to  reinstate their membership in the optional retirement program
pursuant to this special act and the state university of New York  shall
administer   such  employee's  membership  in  the  optional  retirement
program.   The New York state  employees'  retirement  system  shall  be
authorized  to reimburse the state of New York for any employer contrib-
ution made on behalf of any employee electing to be reinstated into  the
optional retirement plan.
  S 7. This act shall take effect thirty days after it shall become law.
  FISCAL NOTE: Pursuant to Legislative law, Section 50:
  This  bill  will allow former employees of the NY Network of the state
university of New York to who are currently employees of the  Office  of
General  Services  to elect to leave their current membership in the New
York State and Local Employees Retirement System (ERS) and be reinstated
as members in the Optional Retirement Program (ORP). The  ERS  shall  be
authorized  to reimburse the State of New York for any employer contrib-
ution made on behalf of any employee electing to be reinstated into  the
optional retirement plan.
  If this bill is enacted, there would not be a cost to ERS.
  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 16, 2013, and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-153,  prepared  by
the  Actuary  for  the  New  York  State and Local Employees' Retirement
System.