Bill S7769-2013

Authorizes Thomas Steier to be reclassified as a Tier II member of the New York city retirement system

Authorizes Thomas Steier to be reclassified as a Tier II member of the New York city employees' retirement system.

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  • Jun 6, 2014: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

BILL NUMBER:S7769

TITLE OF BILL: An act to allow Thomas Steier to be reclassified as a Tier II member of the New York City Employees' Retirement System

TITLE OF BILL: An act to allow Thomas Steier to be reclassified as a Tier II member of the New York City Employees' Retirement System

PURPOSE: To reclassify Thomas Steier as a member of Tier II of the New York City retirement system.

SUMMARY OF PROVISIONS:Grants Thomas Steier membership in the New York City Employees' Retirement System with Tier II Status.

JUSTIFICATION: Mr. Steier was advised to wait by his employer before entering the New York City retirement system. By following those instructions, Mr. Steier inadvertently allowed the deadline for Tier II registration to pass. Because he was given inaccurate information and was subsequently placed in to Tier III, it is appropriate that Mr. Steier be allowed to be reclassified as a Tier II member of the New York City retirement system.

LEGISLATIVE HISTORY: This bill has been previously introduced.

FISCAL IMPLICATIONS: The NYC Office of the Actuary estimates that, if enacted, this legislation would result in an increase in $25,000 in retroactive payments and $205,000 in prospective payments.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7769 IN SENATE June 6, 2014 ___________
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to allow Thomas Steier to be reclassified as a Tier II member of the New York City 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 inconsistent provision of law, Thomas Steier, a member of the New York City Employees' Retirement System (NYCERS) with Tier III status, who was employed with the New York City Employees' Retirement System (NYCERS) on July 6, 1976 until August 1978 and was employed with the New York city transit authority from August 1978 to February 2, 2013 when upon such date he retired, and who for reasons not ascribable to his own negligence was not offered membership in the New York City Employees' Retirement System on July 6, 1976 as a Tier II member, shall, upon application filed with the Board of Trustees of NYCERS on or before the thirty-first day of December next succeeding the date on which this act shall have become a law, be reclassified as a Tier II member with July 6, 1976 as his date of membership and shall be entitled to every right, benefit and privilege which would have been available to him in accordance with Tier II status, and the city of New York, as Thomas Steier's employer from July 6, 1976 until August 1978, is responsible for such error and shall be responsible for all costs to provide the Tier II benefit to Thomas Steier, provided, however Thomas Steier shall be responsible for contributing the required member contributions for Tier II membership. S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: PROVISIONS OF PROPOSED LEGISLATION: The proposed legislation would authorize the New York City Employees' Retirement System ("NYCERS") to accept an application from Thomas Steier, a Tier IV NYCERS member with Tier III rights, to be reclassified as a Tier II member. BACKGROUND: Mr. Steier was originally employed by NYCERS on July 6, 1976 and would have been a Tier II member of NYCERS had he joined the system prior to the establishment of Tier III on July 27, 1976. However,

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