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S05711 Summary:

BILL NOS05711A
 
SAME ASSAME AS A07961-A
 
SPONSORMARTINS
 
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--A
 
                               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
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
 
        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 Nassau county and
     4  has been so employed since January 20,  2011,  and  who,  prior  to  his
     5  current employment, was employed by the Nassau county board of elections
     6  on  a  continuous part-time basis for the period beginning June 25, 2003
     7  and ending July 6, 2005, and who, for reasons not ascribable to his  own
     8  negligence,  failed  to  become a member of the New York state and local
     9  employees' retirement system on June 25, 2003, shall be deemed  to  have
    10  been a member of such retirement system on June 25, 2003, having tier IV
    11  status  with  every  right,  benefit and privilege which would have been
    12  available to him on such date, if, within one year of the effective date
    13  of this act, he shall file a written request to  that  effect  with  the
    14  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:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10980-09-6

        S. 5711--A                          2
 
          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.
          If this legislation is enacted during the 2016 legislative session, we
        anticipate that there will be an increase of approximately $2,380 in the
        annual  contributions  of Nassau County for the fiscal year ending March
        31, 2017. 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 $13,200 which will be
        borne by Nassau County as a one-time payment. This estimate 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 February 4, 2016 and intended for use only during
        the  2016  Legislative  Session, is Fiscal Note No. 2016-58, prepared by
        the Actuary for the New York State and Local Retirement System.
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