NY S06327

Permits Bruce Kerr to be deemed a member of the New York City Employees' Retirement System (NYCERS) retroactively to September 5, 1969, with Tier I status instead of his current Tier II status, provided he files an application by December 31, 2010.

Kerr's earlier employment with the City from September 1969 to April 1970 and February 1971 to September 1972 will be credited, though he did not officially join NYCERS until June 30, 1976.

No contributions already paid by Kerr will be returned; such employee contributions will offset any past service costs resulting from the change in tier status.

Tier I members receive greater benefits than Tier II members, including unreduced benefits at age 55 with 25 years of service, but also pay higher member contribution rates.

The legislation is estimated to increase actuarial present value of benefits by approximately $40,000 and first-year annual employer costs by approximately $8,000 as of 2008 valuations.