Bill Text: NY S07044 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes Karen McClure to file for Tier II status with the state comptroller because she is currently Tier III, but worked for Cattaraugus county starting in 1973.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-04-25 - REFERRED TO CIVIL SERVICE AND PENSIONS [S07044 Detail]

Download: New_York-2011-S07044-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7044
                                   I N  S E N A T E
                                    April 25, 2012
                                      ___________
       Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT in relation to allowing Karen McClure to file a request for  Tier
         II status 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, Karen  McClure,
    2  who  is  a  member of the New York state and local employees' retirement
    3  system, and who was employed as a city auditor in the city of Olean  and
    4  in  the  county  of  Cattaraugus  for the period beginning July 1973 and
    5  ending September 1973, and who was employed as a treasurer for the coun-
    6  ty of Cattaraugus for the period beginning July 1974 and ending  Septem-
    7  ber  1976,  and who for reasons not ascribable to her own negligence did
    8  not become a member of the New York state and local  employees'  retire-
    9  ment  system  at  the time of her hiring and who is currently a Tier III
   10  member of the New York state  and  local  employees'  retirement  system
   11  shall  be  deemed  to  have become a member of such system as of July 1,
   12  1973 entitling her to Tier II status with every right, benefit and priv-
   13  ilege which would have been available to her on such date if, within one
   14  year of the effective date of this act, she shall file a written request
   15  to that effect with the state comptroller.   Upon the granting  of  such
   16  retroactive  membership,  Karen McClure shall be granted a refund of any
   17  employee contributions made by her to  the  New  York  state  and  local
   18  retirement system.
   19    S 2. All past service costs associated with the implementation of this
   20  act shall be borne by the state of New York.
   21    S 3. This act shall take effect immediately.
         FISCAL  NOTE.--  This  bill  will  deem Karen McClure to have become a
       member of the New York State and Local Employees' Retirement  System  on
       July  1,  1973,  her  first  date  of employment with the city of Olean,
       thereby granting her Tier 2 status. All  member  contributions  will  be
       refunded.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10071-02-2
       S. 7044                             2
         If  this bill is enacted, we anticipate that there will be an increase
       of approximately $2,500 in the annual contributions of Erie  County  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 $78,100 which will be
       borne by the State of New York as a one-time payment. This  estimate  is
       based on the assumption that payment will be made on 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 April 20, 2012 and intended for use  only  during
       the  2012  Legislative Session, is Fiscal Note No. 2012-132, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System.