Bill Text: NY S01760 | 2011-2012 | General Assembly | Amended

New York Senate Bill 1760 (Prior Session Legislation)

Bill Title: Grants James Ryan retirement service credit in the New York state and local employees' retirement system for services provided to the Long Island Rail Road beginning in 1978.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-31 - PRINT NUMBER 1760A [S01760 Detail]

Download: New_York-2011-S01760-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 1760--A                                            A. 1795--A
                              2011-2012 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   January 12, 2011
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed, 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 committee
       IN  ASSEMBLY  --  Introduced  by  M.  of A. ENGLEBRIGHT -- read once and
         referred to the Committee on Governmental Employees -- recommitted  to
         the  Committee  on  Governmental Employees in accordance with Assembly
         Rule  3,  sec.  2  --  committee  discharged,  bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT  to  grant  James Ryan retirement service credit 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:
    1    Section 1. Notwithstanding any other provision of law, James Ryan, who
    2  is  a  member  of  the  New  York  state and local employees' retirement
    3  system,  and  who  was  employed  as  an  assessment  assistant  in  the
    4  assessor's  office  in  the town of Islip for the period beginning March
    5  1978 and ending September 1978, and who was employed as  a  real  estate
    6  agent  for  the Long Island Rail Road for the period beginning September
    7  1978 and ending February 1982, and who was employed by the state of  New
    8  York  in  the  office of real property services for the period beginning
    9  February 1982 and ending February 1994, and who has been employed as the
   10  assessor of the town of Brookhaven since  February  1994,  and  who  for
   11  reasons  not  ascribable  to  his own negligence, failed to join the New
   12  York state and local employees' retirement system during his  employment
   13  with  the Long Island Rail Road, shall be entitled to receive retirement
   14  credit for his period of employment with the Long Island Rail  Road  if,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04921-03-2
       S. 1760--A                          2                         A. 1795--A
    1  within one year of the effective date of this act, he shall file a writ-
    2  ten request to that effect with the state comptroller.
    3    S 2. All past service costs associated with the implementation of this
    4  act shall be borne by the state of New York.
    5    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  will allow James Ryan, an employee of the Town of Brookha-
       ven, to purchase credit for service he rendered  with  the  Long  Island
       Railroad,  which  is  not a participating employer in the New York State
       and Local Employees' Retirement System.
         If this bill is enacted, we anticipate that there will be an immediate
       past service cost of approximately $115,500. Of  this  amount,  approxi-
       mately  $14,300  will  be  borne  by Mr. Ryan to purchase the additional
       service. The remaining $101,200 will be borne by the State of  New  York
       as a one-time payment, assuming a payment date of March 1, 2013.
         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 January 27,  2012,  and  intended  for  use  only
       during  the  2012  Legislative  Session,  is  Fiscal  Note  No. 2012-70,
       prepared by the Actuary for the New  York  State  and  Local  Employees'
       Retirement System.