senate Bill S3815A

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

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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

Versions:
S3815
S3815A
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S3815A

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--A

                       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
  -- 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  commit-
  tee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08202-04-4

S. 3815--A                          2

  If this bill is enacted, we anticipate that there will be an  increase
of  approximately  $6,700  in  the  annual  contributions of the Thruway
Authority for the fiscal year ending March 31, 2015.   In future  years,
this  cost will vary as the billing rates and salary of David A. Reardon
change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $57,000 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, 2015.
  Summary of relevant resources:
  The  membership  data  used  in  measuring  the impact of the proposed
change was the same as that used in the March 31, 2013  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2013
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
Assumptions,  and  the  Codes  Rules and Regulations of the State of New
York: Audit and Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local  Retirement  System  Financial  Statements  and
Supplementary Information.
  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  May 15, 2014, and intended for use only during
the 2014 Legislative Session, is Fiscal Note No. 2014-130,  prepared  by
the  Actuary  for  the  New  York  State and Local Employees' Retirement
System.

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