S T A T E O F N E W Y O R K
________________________________________________________________________
5767
2013-2014 Regular Sessions
I N S E N A T E
June 13, 2013
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT in relation to authorizing former employees of the State Univer-
sity of New York NY Network to retain membership in the optional
retirement program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative intent. It is the intent of the legislature to
allow former employees of the State University of New York NY Network
who were transferred to positions within the New York state office of
general services to elect to be reinstated as members of the State
University of New York optional retirement program.
S 2. Short title. An act authorizing former employees of the State
University of New York NY Network to retain membership in the optional
retirement program.
S 3. Definitions. (a) "Employee" shall mean a former employee of the
State University of New York NY Network; (b) "optional retirement
program" shall mean the State University of New York optional retirement
program.
S 4. General provisions. Notwithstanding any other provision of law,
employees who were members of the optional retirement program during
their employment at the NY Network and who are now in the employ of the
state of New York office of general services and became members of the
New York state employees' retirement system may elect to be reinstated
to the optional retirement program and terminate their membership in the
New York state employees' retirement system.
S 5. Notice of election. Such reinstatement to the optional retirement
program from the New York state employees' retirement system must be
notarized and submitted in writing to the office of general services
within ninety days after the enactment of this special act, such rein-
statement shall be irrevocable and will terminate the electors' member-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11206-01-3
S. 5767 2
ship in the New York state employees' retirement system. The office of
general services shall provide written notice of this election to the
New York state employees' retirement system no less than thirty days
after the notice was received.
S 6. Payment of employer contribution rate. The state of New York
shall make the required employer contributions for such employees who
elect to reinstate their membership in the optional retirement program
pursuant to this special act and the state university of New York shall
administer such employee's membership in the optional retirement
program. The New York state employees' retirement system shall be
authorized to reimburse the state of New York for any employer contrib-
ution made on behalf of any employee electing to be reinstated into the
optional retirement plan.
S 7. This act shall take effect thirty days after it shall become law.
FISCAL NOTE: Pursuant to Legislative law, Section 50:
This bill will allow former employees of the NY Network of the state
university of New York to who are currently employees of the Office of
General Services to elect to leave their current membership in the New
York State and Local Employees Retirement System (ERS) and be reinstated
as members in the Optional Retirement Program (ORP). The ERS shall be
authorized to reimburse the State of New York for any employer contrib-
ution made on behalf of any employee electing to be reinstated into the
optional retirement plan.
If this bill is enacted, there would not be a cost to ERS.
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 May 16, 2013, and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-153, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.