Grants retroactive tier I status to David Reardon based upon employment with the town of Little Falls beginning February 16, 1972.
TITLE OF BILL: An act to grant David A. Reardon a retroactive membership date in the New York state and local employees' retirement system
PURPOSE: This legislation would grant David A Reardon retroactive membership in the New York State and Local Employees' Retirement System.
SUMMARY OF PROVISIONS: Deems David A. Reardon a member of the New York State and Local Employees' Retirement System as of February 16, 1972.
JUSTIFICATION: Through no fault of his own, David A. Reardon was not made a member of the retirement system when he was an employee with the Town of Little Falls. This bill would rectify the situation by recognizing Mr. Reardon's previous service and provide him with the same retirement benefits as other individuals who were employed during the same time period.
LEGISLATIVE HISTORY: New bill.
FISCAL IMPLICATIONS: See Fiscal Note.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 3815 2013-2014 Regular Sessions IN SENATE February 21, 2013 ___________Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions 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 S. 3815 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.