Grants Craig Hammer retroactive Tier I membership in the New York state and local employees' retirement system

Title of bill

An act granting retroactive tier I membership in the New York state and local employees' retirement system to Craig Hammer

Purpose

This legislation would grant Craig Hammer Tier I status in the New York State and Local Employees' Retirement System by changing his date of membership to June 1, 1970.

Justification

From June 1, 1970 until September 4, 1970, Craig Hammer was employed by the Village of Canajoharie. Through no fault of his own, Mr. Hammer was not offered membership in the New York State and Local Employees' Retirement System. This bill would rectify the situation by recognizing Mr. Hammer's previous service and providing him with the same retirement benefits as other individuals who were employed during the same time period.

Fiscal implications

This bill would deem Craig Hammer, a former employee of the Village of Canajoharie, to have become a member of the New York State and Local Employees' Retirement System on June 1, 1970, thereby granting him Tier 1 status.

If this bill is enacted, we anticipate that there will be an increase of approximately $2,000 in the annual contributions of the State of New York.

In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $130,000 which would be borne by the State of New York. This estimate is based on the assumption that payment will be made on March 1, 2010.

This estimate, dated January 9, 2009 and intended for use only during the 2009 Legislative Session, is Fiscal Note No. 2009-93, prepared by the Actuary for the New York State and Local Employees' Retirement System.

Effective date

Immediately.