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
May 14, 2013
Introduced by Sen. BALL -- 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 Nancy M. Dwyer to file a request for Tier
IV status in the New York state and local employees' retirement system
with the state comptroller
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, Nancy M. Dwyer,
a member of the New York state and local employees' retirement system
employed by the town of Southeast in Putnam county, who was employed by
the tax department in the town of Southeast in Putnam county beginning
on August 27, 2001, and who, for reasons not ascribable to her own
negligence, failed to become a member of the New York state and local
employees' retirement system while so employed by the tax department in
the town of Southeast, shall be deemed to have joined the New York state
and local employees' retirement system on August 27, 2001, if on or
before December 31, 2013 she shall file an application therefor with the
state comptroller. Upon the receipt of such application, Nancy M. Dwyer
shall be granted Tier IV status in the New York state and local employ-
ees' retirement system and be eligible for all the rights and benefits
S 2. No contributions made to the New York state and local employees'
retirement system by Nancy M. Dwyer shall be returned to her pursuant to
S 3. All past service costs of implementing the provisions of this act
shall be borne by the town of Southeast in Putnam county.
S 4. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will deem Nancy M. Dwyer, an employee of the Town of South-
east in Putnam County and a Tier 5 member of the New York State and
Local Employees' Retirement System, to have first become a member of the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 5207 2
Retirement System on August 27, 2001, thereby making her a Tier 4
If this bill is enacted, we anticipate that there will be an increase
of approximately $2,000 in the annual contributions of the Town of
Southeast for the fiscal year ending March 31, 2014.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $1,050 which would be
borne by the Town of Southeast 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-
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 15, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-46, prepared by
the Actuary for the New York State and Local Employees' Retirement