Authorizes persons who are members or retirees of the New York State and Local Employees' Retirement System pursuant to administrative agreements between the Jefferson County Industrial Development Agency and certain development corporations or centers to continue to receive credit for service.

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S7751-2011 Actions

• Jun 21, 2012: SUBSTITUTED BY A10017A
• Jun 21, 2012: ORDERED TO THIRD READING CAL.1495
• Jun 18, 2012: REFERRED TO RULES

S7751-2011 Meetings

Rules: Jun 21, 2012

S7751-2011 Calendars

Floor Calendar: Jun 21, 2012

S7751-2011 Votes

S7751-2011 Memo

BILL NUMBER:S7751

TITLE OF BILL:
An act
to authorize
persons who are members or retirees of the New York State and Local
Employees' Retirement System pursuant to administrative agreements
between the Jefferson County Industrial Development Agency and certain
development corporations or centers to continue to receive credit for
service

PURPOSE:
This bill authorizes persons rendering services to certain development
corporations in Jefferson County to receive credit in the State and
Local Employees Retirement System.

SUMMARY:
Section 1 authorizes persons who are rendering, or have rendered
services to certain development corporations in Jefferson County to
receive retirement credit for al such service rendered prior to
August 1, 2012 provided that all required employer and employee
contributions are made to the New York State and Local Employees'
Retirement

Section 2 states that this act shall take effective immediately.

JUSTIFICATION:
Pursuant to a recent ruling from the Comptroller, employees who, in
good faith believed they were working for the Jefferson County
Industrial Development Authority, and who were contributing to the
state pension system - for as much as 13 years in some cases were
determined to be employees of local development corporations and
therefore n t entitled to retirement credit.

Not only have these individuals have been making contributions to the
retirement system in good faith, they have received regular
notifications that they were a part of the system, and it is only fair
that they should be allowed to keep the pension credits they
believed, i good faith they were earning, until the end of July 2012.
Had these employees not been led to believe
they were members of the state retirement system, they would likely
have been contributing members of their local retirement system, an
option which they cannot now retroactively take advantage of.
Restoring the retirement credits of these employees through July 2012
is the just and fair action to take.

HISTORY:
New bill.

FISCAL IMPACT:
None.

EFFECTIVE DATE:
This act shall take effective immediately.

S7751-2011 Text

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

                                    7751

                              I N  SENATE

                                June 18, 2012
                                 ___________

  Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
    printed to be committed to the Committee on Rules

  AN ACT to authorize persons who are members or retirees of the New  York
    State  and  Local Employees' Retirement System pursuant to administra-
    tive agreements between the Jefferson  County  Industrial  Development
    Agency  and certain development corporations or centers to continue to
    receive credit for service

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


    Section  1.  Notwithstanding any other provision of law to the contra-
  ry, any person who is or has been a member of the  New  York  State  and
  Local  Employees'  Retirement  System  and  is  rendering service or has
  rendered service to the Jefferson County  Job  Development  Corporation,
  the Jefferson County Local Development Corporation, the Jefferson County
  Agricultural  Development  Corporation,  the Watertown Industrial Center
  Local Development Corporation, the Watertown  Local  Development  Corpo-
  ration, The Economic Development Corporation of the Village of Carthage,
  or  The Carthage Industrial Development Corporation pursuant to adminis-
  trative service agreements, contract or other arrangements entered  into
  between  the  Jefferson  County  Industrial  Development Agency and such
  development corporation shall be eligible to receive and  retain  credit
  for  service  previously  granted  by the retirement system for all such
  service rendered prior to August 1, 2012, provided,  however,  that  the
  Jefferson  County  Industrial  Development  Agency and the person who is
  rendering or has rendered service to the Jefferson County  Job  Develop-
  ment  Corporation,  the  Jefferson County Local Development Corporation,
  the Jefferson County Agricultural Development Corporation, the Watertown
  Industrial Center Local Development  Corporation,  the  Watertown  Local
  Development  Corporation,  The  Economic  Development Corporation of the
  Village of Carthage, or The Carthage Industrial Development  Corporation
  shall  make  all required employer and employee contributions to the New
  York State and Local Employees' Retirement System.
    S 2. This act shall take effect immediately.
    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:


   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD15233-09-2

 S. 7751                             2

    This bill will allow current and retired employees  of  the  Jefferson
  County  Industrial  Development  Agency (JCIDA) to retain service credit
  and membership status and obtain additional service credit through  July
  31,  2012  in  the New York State and Local Employees' Retirement System
  (ERS)  based upon services rendered to the Jefferson County Job Develop-
  ment Corporation, the Jefferson County  Local  Development  Corporation,
  the Jefferson County Agricultural Development Corporation, the Watertown
  Industrial  Center  Local  Development  Corporation, the Watertown Local
  Development Corporation, The Economic  Development  Corporation  of  the
  Village  of  Carthage or The Carthage Industrial Development Corporation
  pursuant to arrangements entered into with the JCIDA. The JCIDA has paid
  into the ERS for all such service on behalf of these individuals.
    If this bill is enacted, there would be no additional annual costs.
    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 June 15, 2012, and intended for use only during
  the 2012 Legislative Session, is Fiscal Note No. 2012-162,  prepared  by
  the  Actuary  for  the  New  York  State and Local Employees' Retirement
  System.