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S05711 Summary:

BILL NO    S05711 

SAME AS    
SAME AS A07961

SPONSOR    MARTINS

COSPNSR    

MLTSPNSR   



Grants Eric Zausner tier IV status in the New York state and local employees'
retirement system.
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S05711 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5711
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 29, 2015
                                       ___________
 
        Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT in relation to granting Eric Zausner tier IV 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:
 
     1    Section 1. Notwithstanding any other provision of law,  Eric  Zausner,
     2  who  is  a  member of the New York state and local employees' retirement
     3  system having tier V status, and who, is employed by the  Nassau  county
     4  board  of elections and has been so employed since January 20, 2011, and
     5  who, prior to his current employment, was employed by the Nassau  county
     6  board of elections on a continuous part-time basis for the period begin-
     7  ning  June  25,  2003  and ending July 6, 2005, and who, for reasons not
     8  ascribable to his own negligence, failed to become a member of  the  New
     9  York  state  and  local  employees'  retirement system on June 25, 2003,
    10  shall be deemed to have been a member of such retirement system on  June
    11  25,  2003, having tier IV status with every right, benefit and privilege
    12  which would have been available to him on such date, if,  on  or  before
    13  December  31,  2015, he shall file a written request to that effect with
    14  the state comptroller.
    15    § 2. No contributions made to the New York state and local  employees'
    16  retirement  system  by Eric Zausner shall be returned or refunded to him
    17  pursuant to this act.
    18    § 3. All past service costs associated with the implementation of this
    19  act shall be borne by the county of Nassau.
    20    § 4. 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 Eric Zausner, a current Tier 5 member
        employed by Nassau County, by changing his date of  membership  to  June
        25, 2003. There will be no refund of member contributions.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10980-04-5

        S. 5711                             2
 
          If this legislation is enacted during the 2015 legislative session, we
        anticipate that there will be an increase of approximately $2,800 in the
        annual contributions of the State of New York for the fiscal year ending
        March  31,  2016.  In  future  years, this cost will vary as the billing
        rates and salary of Eric Zausner change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $9,520 which will be
        borne by Nassau County as a one-time payment. This estimate is based  on
        the assumption that payment will be made February 1, 2016.
          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, 2014  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2014
        Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2010,
        2011, 2012, 2013 and 2014 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, 2014
        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 May 28, 2015 and intended for use only during the
        2015  Legislative  Session, is Fiscal Note No. 2015-113, prepared by the
        Actuary for the New York State and Local Employees' Retirement System.
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