S T A T E O F N E W Y O R K
I N S E N A T E
March 13, 2014
Introduced by Sen. LATIMER -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT in relation to granting Nancy Porretto Tier IV status in the New
York state and local employees' retirement system with a membership
date of September 1, 2005
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any other law to the contrary, Nancy
Porretto, who is currently a Tier VI member of the New York state and
local employees' retirement system and currently employed by the Bedford
Central School District, and who was appointed to a position with the
Bedford Central School District on September 1, 2005, 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 in 2005
when first appointed to the position, may be deemed to have become a
member of the New York state and local employees' retirement system on
September 1, 2005, if on or before December 31, 2014 she shall file an
application therefor with the state comptroller. Upon the receipt of
such application, Nancy Porretto shall be granted Tier IV status in the
New York state and local employees' retirement system and be eligible
for all the rights and benefits thereof provided that Nancy Porretto
makes all employee contributions required to be made by Tier IV members
of the New York state and local employees' retirement system. No
contributions made to the New York state and local employees' retirement
system by Nancy Porretto shall be returned to her pursuant to this act.
S 2. All past employer costs of implementing the provisions of this
act shall be borne by the Bedford Central School District.
S 3. This act shall take effect immediately.
FISCAL NOTE.-- Pursuant to Legislative law, Section 50:
This bill will grant Tier 4 status in the New York State and Local
Employees' Retirement System to Nancy A. Porretto, a current Tier 6
member employed by the Bedford Central School District, by changing her
date of membership to September 1, 2005, the first date she became a
full-time employee of the Bedford Central School District.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 6824 2
If this legislation is enacted during the 2014 legislative session, we
anticipate that there will be an increase of approximately $3,000 in the
annual contributions of the Bedford Central School District for the
fiscal year ending March 31, 2014.
In addition to the annual contributions discussed above, it is esti-
mated that there will be an immediate past service cost of $5,950 which
will be borne by the Bedford School District 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 February 4, 2014 and intended for the use only
during the 2014 Legislative Session, is Fiscal Note No. 2014-69,
prepared by the Actuary for the New York State and Local Employees'