S3815-2013 Actions

• Feb 21, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

S3815-2013 Memo

BILL NUMBER:S3815

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.

S3815-2013 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3815
 2013-2014 Regular Sessions
 I N  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.

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