senate Bill S7751

Signed By Governor
2011-2012 Legislative Session

Authorizes persons rendering services to certain development corporations or centers to continue to receive credit in the State and Local Employees Retirement System

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Archive: Last Bill Status Via A10017 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 01, 2012 signed chap.325
Jul 20, 2012 delivered to governor
Jun 21, 2012 returned to assembly
passed senate
3rd reading cal.1495
substituted for s7751
Jun 21, 2012 substituted by a10017a
ordered to third reading cal.1495
Jun 18, 2012 referred to rules

Votes

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S7751 - Bill Details

See Assembly Version of this Bill:
A10017A
Law Section:
Retirement

S7751 - Bill Texts

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Authorizes persons who are members or retirees of the New York State and Local Employees' Retirement System pursuant to administrative agreements between the Jefferson County Industrial Development Agency and certain development corporations or centers to continue to receive credit for service.

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BILL NUMBER:S7751

TITLE OF BILL:
An act
to authorize
persons who are members or retirees of the New York State and Local
Employees' Retirement System pursuant to administrative agreements
between the Jefferson County Industrial Development Agency and certain
development corporations or centers to continue to receive credit for
service

PURPOSE:
This bill authorizes persons rendering services to certain development
corporations in Jefferson County to receive credit in the State and
Local Employees Retirement System.

SUMMARY:
Section 1 authorizes persons who are rendering, or have rendered
services to certain development corporations in Jefferson County to
receive retirement credit for al such service rendered prior to
August 1, 2012 provided that all required employer and employee
contributions are made to the New York State and Local Employees'
Retirement

Section 2 states that this act shall take effective immediately.

JUSTIFICATION:
Pursuant to a recent ruling from the Comptroller, employees who, in
good faith believed they were working for the Jefferson County
Industrial Development Authority, and who were contributing to the
state pension system - for as much as 13 years in some cases were
determined to be employees of local development corporations and
therefore n t entitled to retirement credit.

Not only have these individuals have been making contributions to the
retirement system in good faith, they have received regular
notifications that they were a part of the system, and it is only fair
that they should be allowed to keep the pension credits they
believed, i good faith they were earning, until the end of July 2012.
Had these employees not been led to believe
they were members of the state retirement system, they would likely
have been contributing members of their local retirement system, an
option which they cannot now retroactively take advantage of.
Restoring the retirement credits of these employees through July 2012
is the just and fair action to take.

HISTORY:
New bill.

FISCAL IMPACT:
None.

EFFECTIVE DATE:
This act shall take effective immediately.


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

                                  7751

                            I N  S E N A T E

                              June 18, 2012
                               ___________

Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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
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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15233-09-2

S. 7751                             2

  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.

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