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