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

                                  8008

                            I N  S E N A T E

                              June 3, 2016
                               ___________

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

AN ACT granting retroactive tier IV membership in the New York state and
  local employees' retirement system to Ryan L. Dickerson

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Notwithstanding  any  other  law to the contrary, Ryan L.
Dickerson, who is currently a Tier V member of the New  York  state  and
local employees' retirement system and currently employed by the village
of  South  Corning, and who was appointed to a position with the village
of South Corning on September 24, 2009, and who, for reasons not ascrib-
able to his own negligence, failed to become a member of  the  New  York
state  and  local  employees'  retirement  system  in  2009  when  first
appointed to the position, may be deemed to have become a member of  the
New  York  state and local employees' retirement system on September 24,
2009, if on or before December 31, 2016 he  shall  file  an  application
therefor  with  the state comptroller. Upon the receipt of such applica-
tion, Ryan L.  Dickerson shall be granted Tier IV status in the New York
state and local employees' retirement system and be eligible for all the
rights and benefits thereof. No contributions made to the New York state
and local employees' retirement system by Ryan  L.  Dickerson  shall  be
returned to him pursuant to this act.
  S 2. Any past service costs incurred in implementing the provisions of
this act shall be borne by the village of South Corning.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This  bill  will  grant  Tier 4 status in the New York State and Local
Employees' Retirement System to Ryan L.  Dickerson,  a  current  Tier  5
member employed by the Village of South Corning, by changing his date of
membership  to  September  24,  2009.  There will be no refund of member
contributions.
  If this legislation is enacted during the 2016 legislative session, we
anticipate that there will be an increase of approximately $1,290 in the
annual contributions of the Village of South Corning for the fiscal year

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

                                                           LBD15676-02-6

S. 8008                             2

ending March 31, 2017. In future years, this cost will vary as the bill-
ing rates and salary of Ryan L. Dickerson change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service  cost of approximately $9,810 which will be
borne by the Village of South Corning as a one-time payment. This  esti-
mate is based on the assumption that payment will be made on February 1,
2017.
  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, 2015  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2015
Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
Report.
  The  actuarial  assumptions and methods used are described in the 2015
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, 2015
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  June 2, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-106,  prepared  by
the Actuary for the New York State and Local Retirement System.