S T A T E   O F   N E W   Y O R K
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    S. 2587                                                  A. 2888

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            January 22, 2013
                               ___________

IN SENATE -- Introduced by Sen. VALESKY -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Civil Service
  and Pensions

IN ASSEMBLY -- Introduced by M. of A. MAGEE -- read once and referred to
  the Committee on Governmental Employees

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

  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, Sarah  Fish,  a
member of the New York state and local employees' retirement system, who
was employed as a staff social worker on December 28, 2009, by the coun-
ty of Madison, for reasons not ascribable to her own negligence, did not
file  a  membership  application  in  such system until January 4, 2010,
which gave her Tier V status instead of Tier IV status, where she  would
have  been  had  she been able to file a membership application when she
became a permanent employee on December 28, 2009 may be deemed  to  have
become  a  member  of the New York state and local employees' retirement
system December 28, 2009 if on or before December  31,  2013  she  shall
file  with  the state comptroller a written request to that effect. Upon
the granting of such retroactive membership, Sarah  Fish  shall  not  be
granted  a  refund  of  any employee contribution made by her to the New
York state and local employees' retirement system.
  S 2. Any past service costs incurred in implementing the provisions of
this act shall be borne by Madison county.
  S 3. This act shall take effect immediately.
  Fiscal Note.--This bill would grant Tier 4 membership in the New  York
State  and  Local Employees' Retirement System to Sarah Fish by changing
her date of membership to December 28, 2009. She currently is a  Tier  5
member.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04739-02-3
              

S. 2587                             2                            A. 2888

  If  this bill is enacted, we anticipate that there will be an increase
in the annual contributions of Madison County for the fiscal year ending
March 31, 2014 of approximately $2,100.
  In addition to the annual contributions discussed above, there will be
a one-time past service cost of approximately $2,590 which will be borne
by Madison County, assuming a payment date of February 1, 2014.
  Summary of relevant resources:
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 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  18,  2012,  and intended for use only
during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-54,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System.