Actions

Meetings

Calendars

Votes

Memo

BILL NUMBER:S7799

TITLE OF BILL: An act granting retroactive tier IV membership in the New York state and local employees' retirement system to Brian Stebbins

PURPOSE OR GENERAL IDEA OF BILL: To grant Brian Stebbins retroactive membership in Tier IV of the New York state and local Retirement system.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 grants Brian Stebbins the opportunity to become tier IV member of the New York state and local retirement system. Section 2 outlines that all of the costs will be borne by the Village of Green Island. Section 3 is the effective date.

JUSTIFICATION: This legislation will correct an administrative error made by the Village of Green Island by allowing Brian Stebbins, who was employed by the village in 2003, and, for reasons not ascribable to his negligence but due to an administrative error, to retroactively become a Tier IV member of the New York state and local retirement system.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: There will be an increase of $1600 in the annual contributions of the State, and the Village of Green Island will incur an immediate past service cost of approximately $130.

EFFECTIVE DATE: Immediately.

Text

STATE OF NEW YORK
________________________________________________________________________

7799

IN SENATE

June 19, 2012
___________

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

AN ACT granting retroactive tier IV membership in the New York state and
  local employees' retirement system to Brian Stebbins

  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, Brian Stebbins,
a  member  of the New York state and local employees' retirement system,
who was employed on August 1, 2003, by the village of Green Island,  and
who  filed  a  membership  application in such system on August 1, 2003,
which should have given him Tier IV status but for reasons not  ascriba-
ble to his own negligence and due to an administrative error, the appli-
cation was not processed in the usual manner and therefore not processed
until  March  15, 2012, may be deemed to have become a member of the New
York state and local employees' retirement system on August 1, 2003.
  S 2. Any past service costs incurred in implementing the provisions of
this act shall be borne by the village of Green Island.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill will grant Tier 4 status in the New  York  State  and  Local
Employees'  Retirement  System  to  Brian  M. Stebbins, a current Tier 5
member employed by the State of  New  York,  by  changing  his  date  of
membership  to  August  1,  2003,  the first date he was employed by the
Village of Green Island.
  If this legislation is enacted during the 2012 legislative session, we
anticipate that there will be an increase of approximately $1,600 in the
annual contributions of the State of New York for the fiscal year ending
March 31, 2013.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $130 which will be borne
by the Village of Green Island as a one time payment. This  estimate  is
based on the assumption that payment will be made on February 1, 2013.
  Summary of relevant resources:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16285-06-2
S. 7799                             2
  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 18, 2012 and intended for  use  only  during
the  2012 Legislative Session, is Fiscal Note No.  2012-163, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System.