Grants retroactive membership with Tier IV status in the New York state and local employees' retirement system to Brian Landers, for his employment with the village of Lindenhurst which commenced June 19, 2006.
Impact
The bill has specific provisions that outline the costs associated with implementing this retroactive membership. All past service costs incurred from this change will be the responsibility of the village of Lindenhurst. An estimated one-time immediate past service cost of approximately $57,000 is projected, with a subsequent increase of around $11,000 in annual contributions expected from the village starting the following fiscal year. These additional costs are attributed to the required funding for the pension benefits resulting from the membership retroactivity.
Summary
Bill A08323 seeks to grant retroactive membership in the New York state and local employees' retirement system to Brian Landers, who was employed by the village of Lindenhurst starting June 19, 2006. Despite being a current Tier VI member, this bill would allow Landers to be recognized as a Tier IV member from his initial employment date. The proposed change is meant to rectify an oversight that prevented him from becoming a member when he first commenced his work, thereby allowing him to benefit from the better retirement plan associated with Tier IV status.
Contention
While there may not be an overt public contention surrounding the bill, the financial burdens it imposes on the village of Lindenhurst could be a point of concern for local taxpayers and officials. The requirement to manage additional pension obligations could spark discussions regarding the fiscal health of local government finances and the sustainability of providing such retroactive benefits. Furthermore, scrutiny might arise regarding the precedent set by altering membership based on retroactive claims, potentially affecting future decisions related to retirement system memberships.
Grants retroactive membership with Tier IV status in the New York state and local employees' retirement system to Christine Fernandez, formerly Christine Lennard, for her 1984--1985 employment with the Voorheesville public library.
Grants retroactive membership with Tier IV status in the New York state and local employees' retirement system to Christine Fernandez, formerly Christine Lennard, for her 1984--1985 employment with the Voorheesville public library.