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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to civil service and pensions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to grant George W. Hemstead a retroactive membership date in the New York state and local employees' retirement system
Purpose
This legislation would grant George W. Hemstead retroactive membership in the New York State and Local Employees' Retirement System.
Summary of provisions
Section 1 deems George W. Hemstead a member of the New York State and Local Employees' Retirement System as of June 22 of 1968.
Justification
Through no fault of his own, George W. Hemstead was not made a member of the retirement system when he was a seasonal employee with the Office of Parks, Recreation and Historic Preservation. This bill would rectify the situation by recognizing Mr. Hemstead's previous service and provide him with the same retirement benefits as other individuals who were employed during the same time period.
Legislative history
New bill.
Fiscal implications
This bill will change George W. Hemstead's date of membership in the New York State and Local Employees' Retirement System to June 22, 1968, the first date he was employed by the New York State Department of Parks and Recreation. This will change his membership from Tier 3 to Tier 1. There will be no refund of member contributions.
If this bill is enacted, we anticipate that there will be an increase of approximately $3,700 in the annual contributions of the State of New York for the fiscal year ending March 31, 2011.
In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $69,500 which would be borne by the state of New York as a one time payment. This estimate is based on the assumption that payment will be made on March 1, 2011.
This estimate, dated January 11, 2010 and intended for use only during the 2010 Legislative Session, is Fiscal Note No. 2010-55, prepared by the Actuary for the New York State and Local Employees' Retirement Systems.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.