senate Bill S5767

Relates to authorizing former employees of the state university of New York NY Network to retain membership in the optional retirement program

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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

  • 13 / Jun / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 20 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 20 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1567
  • 20 / Jun / 2013
    • SUBSTITUTED BY A7586

Summary

Relates to authorizing former employees of the state university of New York NY Network to retain membership in the optional retirement program.

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Bill Details

See Assembly Version of this Bill:
A7586
Versions:
S5767
Legislative Cycle:
2013-2014
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S5767

TITLE OF BILL: An act in relation to authorizing former employees of
the State University of New York NY Network to retain membership in
the optional retirement program

PURPOSE: This legislation will allow former employees of the soon to
be defunct SUNY NYNetwork an opportunity to elect to be reinstated as
members of the SUNY Optional Retirement Plan (ORP). The provisions of
this legislation will impact less than 15 employees.

SUMMARY OF PROVISIONS: This legislation amends the retirement and
social security law by adding a new section 120, and the education
law, section 393 by adding a new subdivision 6 law to allow for the
effected members to elect to be reinstated as members of the SUNY
Optional. Retirement Plan (ORP).

JUSTIFICATION: The SUNY NY Network will cease final operations as of
June 7, 2013. Some of the employees of the SUNY NY Network (less than
15) will be or have been moved into positions in the Office of General
Services and therefore are required to become members of the New York
State & Local Employees' Retirement System (NYSLERS) and end their
membership in the Optional Retirement Program (ORP).

The majority of these employees have over ten years of credited
service In the ORP and will see a dramatic loss in retirement security
going forward through no fault of their own if they are not allowed to
rejoin such program. The enactment of this legislation is needed to
rectify this unfair and problematic situation.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: Minimal given that proposed changes will impact
less than fifteen members of NYSLERS.

EFFECTIVE DATE: Thirty days after enactment.

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

                                  5767

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 13, 2013
                               ___________

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

AN ACT in relation to authorizing former employees of the State  Univer-
  sity  of  New  York  NY  Network  to retain membership in the optional
  retirement program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Legislative intent. It is the intent of the legislature to
allow former employees of the State University of New  York  NY  Network
who  were  transferred  to positions within the New York state office of
general services to elect to be  reinstated  as  members  of  the  State
University of New York optional retirement program.
  S  2.  Short  title.  An act authorizing former employees of the State
University of New York NY Network to retain membership in  the  optional
retirement program.
  S  3.  Definitions. (a) "Employee" shall mean a former employee of the
State University of  New  York  NY  Network;  (b)  "optional  retirement
program" shall mean the State University of New York optional retirement
program.
  S  4.  General provisions. Notwithstanding any other provision of law,
employees who were members of the  optional  retirement  program  during
their  employment at the NY Network and who are now in the employ of the
state of New York office of general services and became members  of  the
New  York  state employees' retirement system may elect to be reinstated
to the optional retirement program and terminate their membership in the
New York state employees' retirement system.
  S 5. Notice of election. Such reinstatement to the optional retirement
program from the New York state employees'  retirement  system  must  be
notarized  and  submitted  in  writing to the office of general services
within ninety days after the enactment of this special act,  such  rein-
statement  shall be irrevocable and will terminate the electors' member-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11206-01-3

S. 5767                             2

ship in the New York state employees' retirement system. The  office  of
general  services  shall  provide written notice of this election to the
New York state employees' retirement system no  less  than  thirty  days
after the notice was received.
  S  6.  Payment  of  employer  contribution rate. The state of New York
shall make the required employer contributions for  such  employees  who
elect  to  reinstate their membership in the optional retirement program
pursuant to this special act and the state university of New York  shall
administer   such  employee's  membership  in  the  optional  retirement
program.   The New York state  employees'  retirement  system  shall  be
authorized  to reimburse the state of New York for any employer contrib-
ution made on behalf of any employee electing to be reinstated into  the
optional retirement plan.
  S 7. This act shall take effect thirty days after it shall become law.
  FISCAL NOTE: Pursuant to Legislative law, Section 50:
  This  bill  will allow former employees of the NY Network of the state
university of New York to who are currently employees of the  Office  of
General  Services  to elect to leave their current membership in the New
York State and Local Employees Retirement System (ERS) and be reinstated
as members in the Optional Retirement Program (ORP). The  ERS  shall  be
authorized  to reimburse the State of New York for any employer contrib-
ution made on behalf of any employee electing to be reinstated into  the
optional retirement plan.
  If this bill is enacted, there would not be a cost to ERS.
  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  May 16, 2013, and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-153,  prepared  by
the  Actuary  for  the  New  York  State and Local Employees' Retirement
System.

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