Authorizes Lisa Kyer to purchase service credit in the New York state employees' retirement system for certain employment as finance director by Helping Hands School

BILL NUMBER:S5685

Title of bill

An act to authorize Lisa Kyer to purchase service credit in the New York state employees' retirement system for certain employment as finance director by Helping Hands School

Purpose

To establish eligibility for the purchase of a service credit in the New York State and Local Employees' Retirement System for Lisa Kyer, who was employed as finance director of Helping Hands School in Clifton Park.

Summary of provisions

Section 1 authorizes Lisa Kyer to purchase service credit in the New York State and Local Employees' Retirement System, upon application to the head of the New York State and Local Employees' Retirement System within 180 days of the effective date of this act.

Section 1 further requires payment from Ms. Kyer to the New York State and Local Employees' Retirement System, an amount equal to three percent of the salary she received for the period of service being claimed, with regular interest, from the school years in which the service was rendered to the date of purchase.

Section 2 mandates that all costs attributable to the implementation of this act, other than the costs specified in Section 1, shall be borne by the employers of the members of the New York State and Local Employees' Retirement System.

Section 3 provides for an immediate effective date.

Justification

Lisa Kyer, whose employment as finance director for Helping Hands School in Clifton Park from November 1999 through August 2005, would constitute service as a teacher, if it had been performed by an employer defined in subdivision 3 of section 501 of the education law, and therefore would be eligible to purchase service credit in the New York State and Local Employees' Retirement System.

Legislative history

None.

Fiscal implications

This bill will allow Lisa Kyer to receive service credit in the New York State and Local Employees' Retirement System (ERS) for non-public employment

rendered with the Helping Hands School in Clifton Park from November 1999 through August 2005, provided she makes the required member arrears payment.

If this bill is enacted, there will be an arrears cost to Lisa Kyer of $15,100, assuming a payment date of February 1, 2012. There would also be a past service cost of approximately $143,000 which would be shared by the state of New York and participating employers in the ERS.

This estimate, dated June 7, 2011, and intended for use only during the 2011 Legislative Session, is Fiscal Note No. 2011-195, prepared by the Actuary for the ERS.

Effective date

Effective immediately.