Senate Bill S7081

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

                                  7081

                            I N  S E N A T E

                             April 27, 2012
                               ___________

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

AN ACT to grant Janice A. Riley a retroactive date of retirement 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,
Janice  A.  Riley,  a  retired  member  of  the New York state and local
employees' retirement system, who was an active member of  such  retire-
ment  system  while  employed  as a nurse by the Jones Memorial Hospital
from 1975 until December 31, 1987, and who submitted an application  for
service  retirement  to such retirement system on March 15, 2007, with a
date of retirement of  November  5,  2006,  which  application  was  not
received  by  the New York state and local employees' retirement system,
and who subsequently was granted a date of  retirement  of  November  5,
2010,  shall  be deemed to have filed a timely application for a date of
retirement of November 5, 2006 with such retirement  system,  if  on  or
before  December  31,  2012,  she files a written request to such effect
with the state comptroller.  Upon receipt of such request by  the  state
comptroller,  the  New York state and local employees' retirement system
shall pay Janice A. Riley the retirement benefits  she  otherwise  would
have  received  if  she  had  been deemed to have retired on November 5,
2006, without interest.
  S 2. Any costs incurred from the implementation of the  provisions  of
this  act  shall  be  borne  by  the New York state and local employees'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--This bill shall deem Janice A. Riley, a  member  of  the
New York State and Local Employees' Retirement System who retired Novem-
ber  5, 2010, to have filed an application for service retirement with a
date of retirement of November 5, 2006 with such system.
  If this bill is enacted, there will be an immediate past service  cost
of  approximately  $7,200  which will be shared by the State of New York

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14601-02-2
              

S. 7081                             2

and all participating employers in the New York State and Local  Employ-
ees' Retirement System.
  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.
  Markets 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  February  24,  2012  and intended for use only
during the  2012  Legislative  Session,  is  Fiscal  Note  No.  2012-98,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System.