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

                                10017--A

                          I N  A S S E M B L Y

                               May 1, 2012
                               ___________

Introduced  by M. of A. RUSSELL -- Multi-Sponsored by -- M. of A. BLANK-
  ENBUSH -- read once and referred  to  the  Committee  on  Governmental
  Employees  -- reported and referred to the Committee on Ways and Means
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

AN  ACT to authorize persons who are members or retirees of the New York
  State and Local Employees' Retirement System pursuant  to  administra-
  tive  agreements  between  the Jefferson County Industrial Development
  Agency and certain development corporations or centers to continue  to
  receive credit for service

  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 to the  contra-
ry,  any  person  who  is or has been a member of the New York State and
Local Employees' Retirement System  and  is  rendering  service  or  has
rendered  service  to  the Jefferson County Job Development Corporation,
the Jefferson County Local Development Corporation, the Jefferson County
Agricultural Development Corporation, the  Watertown  Industrial  Center
Local  Development  Corporation,  the Watertown Local Development Corpo-
ration, The Economic Development Corporation of the Village of Carthage,
or The Carthage Industrial Development Corporation pursuant to  adminis-
trative  service agreements, contract or other arrangements entered into
between the Jefferson County  Industrial  Development  Agency  and  such
development  corporation  shall be eligible to receive and retain credit
for service previously granted by the retirement  system  for  all  such
service  rendered  prior  to August 1, 2012, provided, however, that the
Jefferson County Industrial Development Agency and  the  person  who  is
rendering  or  has rendered service to the Jefferson County Job Develop-
ment Corporation, the Jefferson County  Local  Development  Corporation,
the Jefferson County Agricultural Development Corporation, the Watertown
Industrial  Center  Local  Development  Corporation, the Watertown Local
Development Corporation, The Economic  Development  Corporation  of  the
Village  of Carthage, or The Carthage Industrial Development Corporation

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15233-07-2
              

A. 10017--A                         2

shall make all required employer and employee contributions to  the  New
York State and Local Employees' Retirement System.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  will  allow current and retired employees of the Jefferson
County Industrial Development Agency (JCIDA) to  retain  service  credit
and  membership status and obtain additional service credit through July
31, 2012 in the New York State and Local  Employees'  Retirement  System
(ERS)  based upon services rendered to the Jefferson County Job Develop-
ment Corporation, the Jefferson County  Local  Development  Corporation,
the Jefferson County Agricultural Development Corporation, the Watertown
Industrial  Center  Local  Development  Corporation, the Watertown Local
Development Corporation, The Economic  Development  Corporation  of  the
Village  of  Carthage or The Carthage Industrial Development Corporation
pursuant to arrangements entered into with the JCIDA. The JCIDA has paid
into the ERS for all such service on behalf of these individuals.
  If this bill is enacted, there would be no additional annual costs.
  Summary of relevant resources:
  Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2011 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2011 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 June 15, 2012, and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-162,  prepared  by
the  Actuary  for  the  New  York  State and Local Employees' Retirement
System.