Senate Bill S721

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

                                 721--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

AN  ACT in relation to allowing Karen McClure to file a request for Tier
  II 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, Karen McClure,
who is a member of the New York state and  local  employees'  retirement
system,  and who was employed as a city auditor in the city of Olean and
in the county of Cattaraugus for the  period  beginning  July  1973  and
ending September 1973, and who was employed as a treasurer for the coun-
ty  of Cattaraugus for the period beginning July 1974 and ending Septem-
ber 1976, and who for reasons not ascribable to her own  negligence  did
not  become  a member of the New York state and local employees' retire-
ment system at the time of her hiring and who is currently  a  Tier  III
member  of  the  New  York  state and local employees' retirement system
shall be deemed to have become a member of such system  as  of  July  1,
1973 entitling her to Tier II status with every right, benefit and priv-
ilege which would have been available to her on such date if, within one
year of the effective date of this act, she shall file a written request
to  that  effect  with the state comptroller.  Upon the granting of such
retroactive membership, Karen McClure shall be granted a refund  of  any
employee  contributions  made  by  her  to  the New York state and local
retirement system.
  S 2. All past service costs associated with the implementation of this
act shall be borne by the state of New York.
  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.
              

                                                           LBD03047-03-3

S. 721--A                           2

  This bill will deem Karen McClure to have become a member of  the  New
York  State  and Local Employees' Retirement System on July 1, 1973, her
first date of employment with the city of Olean,  thereby  granting  her
Tier 2 status. All member contributions will be refunded.
  If  this bill is enacted, we anticipate that there will be an increase
of approximately $2,790 in the annual contributions of Erie  County  for
the fiscal year ending March 31, 2015.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $58,700 which will 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, 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
Report.
  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
Supplementary Information.
  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 October 29, 2013 and intended for use only during
the  2014  Legislative  Session, is Fiscal Note No. 2014-25, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System.