senate Bill S3815

Amended

Grants retroactive tier I status to David Reardon based upon employment with the town of Little Falls

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 21 / Feb / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 08 / Jan / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 19 / May / 2014
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 19 / May / 2014
    • PRINT NUMBER 3815A
  • 19 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 19 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1600
  • 19 / Jun / 2014
    • PASSED SENATE
  • 19 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 19 / Jun / 2014
    • REFERRED TO GOVERNMENTAL EMPLOYEES

Summary

Grants retroactive tier I status to David Reardon based upon employment with the town of Little Falls beginning February 16, 1972.

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Bill Details

See Assembly Version of this Bill:
A5848
Versions:
S3815
S3815A
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S3815

TITLE OF BILL: An act to grant David A. Reardon a retroactive
membership date in the New York state and local employees' retirement
system

PURPOSE: This legislation would grant David A Reardon retroactive
membership in the New York State and Local Employees' Retirement
System.

SUMMARY OF PROVISIONS: Deems David A. Reardon a member of the New
York State and Local Employees' Retirement System as of February 16,
1972.

JUSTIFICATION: Through no fault of his own, David A. Reardon was not
made a member of the retirement system when he was an employee with
the Town of Little Falls. This bill would rectify the situation by
recognizing Mr. Reardon's previous service and provide him with the
same retirement benefits as other individuals who were employed during
the same time period.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: See Fiscal Note.

EFFECTIVE DATE: This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3815

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 21, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to grant David A. Reardon a retroactive membership  date  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:

  Section 1. Notwithstanding any provision of law to the contrary, David
A. Reardon, a member of the New York state and local employees'  retire-
ment  system  having  Tier  IV  status,  who was employed by the Town of
Little Falls commencing on February 16, 1972 and who,  for  reasons  not
ascribable  to  his  own  negligence,  failed to become a member of such
retirement system during such employment by the Town  of  Little  Falls,
shall  be  deemed to have joined the New York state and local employees'
retirement system on February 16, 1972 and shall be retroactively grant-
ed the benefits of Tier I status in such retirement system,  if,  within
one  year  of  the  effective  date of this act, he shall file a written
request to that effect with the state comptroller.
  S 2. All past service costs of implementing the provisions of this act
shall be borne by the Thruway Authority.
  S 3. Notwithstanding any other provision of law, no employee  contrib-
utions shall be returned to David A. Reardon.
  S 4. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, section 50:
  This  bill  will  deem David A. Reardon to have become a member of the
New York State and Local Employees' Retirement System  on  February  16,
1972, his first date of employment with the Town of Little Falls, there-
by granting him Tier 1 status. No member contributions will be refunded.
  If  this bill is enacted, we anticipate that there will be an increase
of approximately $6,500 in  the  annual  contributions  of  the  Thruway
Authority for the fiscal year ending March 31, 2014.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08202-03-3

S. 3815                             2

  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $75,500 which will be
borne by the Thruway Authority as a one-time payment. This  estimate  is
based on the assumption that payment will be made on 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  February  15,  2013  and intended for use only
during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-86,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System.

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