Grants retroactive tier I status to David Reardon based upon employment with the town of Little Falls beginning February 16, 1972.
Ayes (57): Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Dilan, Farley, Felder, Flanagan, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Nays (1): Gipson
Excused (3): Diaz, Espaillat, Hassell-Thomps
TITLE OF BILL: An act to grant David A. Reardon a retroactive membership date in the New York state and local employees' retirement system
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.
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.
See Fiscal Note.
This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 3815--A 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 -- 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 commit- tee 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.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08202-04-4 S. 3815--A 2 If this bill is enacted, we anticipate that there will be an increase of approximately $6,700 in the annual contributions of the Thruway Authority for the fiscal year ending March 31, 2015. In future years, this cost will vary as the billing rates and salary of David A. Reardon change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $57,000 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, 2015. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2013 actuarial valu- ation. Distributions and other statistics can be found in the 2013 Report of the Actuary and the 2013 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2010, 2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial Assumptions, and the Codes Rules and Regulations of the State of New York: Audit and Control. The Market Assets and GASB Disclosures are found in the March 31, 2013 New York State and Local Retirement System Financial Statements and Supplementary Information. 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 15, 2014, and intended for use only during the 2014 Legislative Session, is Fiscal Note No. 2014-130, prepared by the Actuary for the New York State and Local Employees' Retirement System.