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Memo

BILL NUMBER:S2014B

TITLE OF BILL: An act in relation to allowing Marion Hoffman to file a request for Tier I status in the New York state and local police and fire retirement system with the state comptroller

PURPOSE OR GENERAL IDEA OF BILL: To authorize Marion Hoffman to file a request for Tier I status in the New York State and Local Police and Fire Retirement System.

SUMMARY OF SPECIFIC PROVISIONS: Marion Hoffman was employed with the New York State Department of Environmental Conservation as an Environmental Conservation Officer for approximately thirty-six years. For reasons not ascribable to her own negligence, she did not become a member of the New York State and Local Police and Fire Retirement System at the time of hiring.

JUSTIFICATION: Marion Hoffman was hired on June 14, 1973. Due to the temporary, competitive classification of her appointment, membership in the retirement system was not mandatory, and thus her membership in the retirement system did not take effect until the time her application was received by the retirement system which was August 1, 1971. Between those dates, Tier II status took effect and thus Ms. Hoffman was granted Tier II status and not Tier I status.

LEGISLATIVE HISTORY: S.7574 of 2010 - Referred to Civil Service and Pensions

FISCAL IMPLICATIONS: There will be an immediate past service cost of approximately $143,000 which will be borne by the State of New York and all the participating employers in the New York State and Local Police and Fire Retirement System.

EFFECTIVE DATE: Immediately.

Text

STATE OF NEW YORK
________________________________________________________________________

2014--B

2011-2012 Regular Sessions

IN SENATE

January 14, 2011
___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, 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 -- recommitted to the Committee on
  Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN ACT in relation to allowing Marion Hoffman to file a request for Tier
  I  status  in  the New York state and local police and fire retirement
  system with the state comptroller

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

  Section  1. Notwithstanding any inconsistent provisions of law, Marion
Hoffman, a retired member of the New York state  and  local  police  and
fire  retirement system who was employed with the New York state depart-
ment of environmental  conservation  as  an  environmental  conservation
officer  for  approximately  thirty-six  years  and who, for reasons not
ascribable to her own negligence, did not become a  member  of  the  New
York  state  and local police and fire retirement system, at the time of
her hiring, shall be deemed to have become a member of such system as of
June 14, 1973 entitling her to Tier I status with every  right,  benefit
and privilege which would have been available to her on such date.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This bill will deem Marion J. Hoffman, a retired Environmental Conser-
vation  Officer, to have first become a member of the New York State and
Local Police and Fire Retirement System on June 14, 1973, thereby  enti-
tling her to the benefits of a Tier 1 retiree.
  If this legislation is enacted during the 2012 legislative session, we
anticipate  there will be a past service cost of approximately $143,000,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00892-05-2
S. 2014--B                          2
which will be shared by the State of New York and all the  participating
employers in the New York State and Local Police and Fire Retirement.
  Summary of relevant resources:
  Data:  March  31,  2011  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2011  Report  of  the
Actuary and 2011 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010  and  2011 Annual Report to the Comp-
troller on Actuarial Assumptions, Codes Rules  and  Regulations  of  the
State of New York: Audit and Control.
  Market  Assets and GASB Disclosures: March 31, 2011 New York State and
Local Retirement System Financial Statements and Supplementary  Informa-
tion.
  Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
the 2011 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 6, 2012 and intended for use only  during
the  2012  Legislative  Session, is Fiscal Note No. 2012-41, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.