Senate Bill S3108

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

                                  3108

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 30, 2013
                               ___________

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

AN ACT to grant George W. Hemstead a retroactive membership date 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,
George  W.  Hemstead,  a  retired member of the New York state and local
employees' retirement system having Tier III status, who was employed as
a lifeguard, at the Saratoga state park, by the office of parks,  recre-
ation  and  historic  preservation commencing on June 22, 1968, and who,
for reasons not ascribable to his own negligence,  failed  to  become  a
member of such retirement system during such employment by the office of
parks,  recreation  and  historic  preservation, shall be deemed to have
joined the New York state and local employees' retirement system on June
22, 1968 and shall be retroactively  granted  the  benefits  of  Tier  I
status  in  such retirement system, if, within one year of the effective
date of this act, he shall file a written request to  that  effect  with
the state comptroller.
  S 2. All past service costs of implementing the provisions of this act
shall be borne by the state of New York.
  S  3. Notwithstanding any other provision of law, no employee contrib-
utions shall be returned to George W. Hemstead.
  S 4. This act shall take effect immediately.
  FISCAL NOTE.--This bill will retroactively grant Tier 1 status in  the
New  York State and Local Employees' Retirement System to retired member
George W. Hemstead, a former employee of the New York State, by changing
his date of membership to June 22, 1968, the first date he was  employed
by  the New York State Department of Parks and Recreation. There will be
no refund of member contributions.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05281-02-3

              

S. 3108                             2

  If this bill is enacted, there will be an immediate past service  cost
of  approximately  $91,800 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, 2014.
  Summary of relevant resources;
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 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 25, 2013 and intended for use only during
the  2013  Legislative  Session, is Fiscal Note No. 2013-67, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System.