Senate Bill S6337

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

    S. 6337                                                  A. 9133

                      S E N A T E - A S S E M B L Y

                            January 27, 2012
                               ___________

IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Civil Service
  and Pensions

IN ASSEMBLY -- Introduced by M. of A. AMEDORE -- read once and  referred
  to the Committee on Governmental Employees

AN  ACT to authorize Holly K. Warner Tier I status 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  other  provision  of  law, Holly K.
Warner, who was first eligible to join a public retirement system as  of
July  2, 1970 and who was employed by the state of New York from July 2,
1970 until August 26, 1970 and who left public service for a  period  of
time,  and who reentered public service on November 1, 1973 until Decem-
ber 19, 1973 and who left public service for a period of time,  and  who
reentered  public service on January 2, 1975 until April 2, 1975 and who
left public service for a period  of  time,  and  who  reentered  public
service on November 17, 1975 until February 28, 1977 and who left public
service  for a period of time, and who joined the retirement system as a
Tier IV member on April 15, 1987. Holly K. Warner who  reentered  public
service  on  June 30, 1983 and has been employed continuously by the New
York state division of criminal justice services, and  who  for  reasons
not ascribable to her own negligence was not afforded the opportunity to
join the New York state and local employees' retirement system with Tier
I  status,  as  described  in an affidavit from her former employer, the
division of criminal justice services, shall be deemed to have become  a
member  of  the New York state and local employees' retirement system as
of July 2, 1970; and shall have Tier I status, if, on or before December
31, 2012 she shall file a written request with the state comptroller.
  S 2. All costs attributable to the implementation of this act shall be
borne by New York state.
  S 3. 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.
              

                                                           LBD14047-02-2

S. 6337                             2                            A. 9133

  This bill would grant Tier 1 status in the New York  State  and  Local
Employees'  Retirement System to Holly K. Warner by changing her date of
membership to July 2, 1970. All  past  employee  contributions  will  be
refunded.
  If  this bill is enacted, we anticipate that there will be an increase
of approximately $7,000 in the annual contributions of the State of  New
York for the fiscal year ending March 31, 2013.
  In addition to the annual contributions discussed above, there will be
an  immediate past service cost of approximately $130,000 which would be
borne by the State of New York as a one-time payment. This  estimate  is
based on the assumption that payment will be made on March 1, 2013.
  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 January 13,  2012,  and  intended  for  use  only
during  the  2012  Legislative  Session,  is  Fiscal  Note  No. 2012-64,
prepared by the Actuary for the New  York  State  and  Local  Employees'
Retirement System.