Bill Text: NY A04765 | 2019-2020 | General Assembly | Introduced

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Bill Title: Grants Tier 1 status in the New York state and local employees' retirement system to Christine Verkey.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-07-16 - held for consideration in governmental employees [A04765 Detail]

Download: New_York-2019-A04765-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4765
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 5, 2019
                                       ___________
        Introduced  by  M.  of  A.  MANKTELOW  --  read once and referred to the
          Committee on Governmental Employees
        AN ACT in relation to granting Tier I status in the New York  state  and
          local employees' retirement system to Christine Verkey
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Notwithstanding  any  other  provision  of  law,  Christine
     2  Verkey,  who  was  an  employee  of  the  Newark central school district
     3  commencing in 1971 and was thereby eligible to participate  in  the  New
     4  York  state and local employees' retirement system, who through no fault
     5  of her own did not become a member of  the  New  York  state  and  local
     6  employees'  retirement  system when she was first employed by the Newark
     7  central school district, shall be granted retroactive membership in  the
     8  New  York  state  and  local  employees'  retirement  system with Tier I
     9  status, if within one year from the effective date of this act she shall
    10  make a written application to that effect, duly executed and filed  with
    11  such retirement system.
    12    §  2. No contributions made to the New York state and local employees'
    13  retirement system by Christine Verkey shall be returned or  refunded  to
    14  her pursuant to this act.
    15    § 3. All costs associated with the implementation of this act shall be
    16  borne by the state of New York.
    17    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 1 status in the New York State and Local
        Employees' Retirement System to Christine L. Verkey, a  current  Tier  4
        member  employed  by  the  State  of  New  York, by changing her date of
        membership to her first date  of  employment  with  the  Newark  Central
        School  District  in  1971.  There  will be no refund of member contrib-
        utions.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06554-01-9
        A. 4765                             2
          If this legislation is enacted during the 2019 legislative session, we
        anticipate that there will be an increase of approximately $4,000 in the
        annual contributions of the State of New York for the fiscal year ending
        March 31, 2020. In future years, this cost will vary as the billing rate
        and salary of Christine L. Verkey change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $39,200 which will 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, 2020.
          Summary of relevant resources:
          The  membership  data  used  in  measuring  the impact of the proposed
        change was the same as that used in the March 31, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017, and 2018 Annual  Report  to  the  Comptroller  on  Actuarial
        Assumptions,  and  the  Codes  Rules and Regulations of the State of New
        York: Audit and Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2018
        New York State and Local  Retirement  System  Financial  Statements  and
        Supplementary Information.
          I am a member of the American Academy of Actuaries and meet the Quali-
        fication Standards to render the actuarial opinion contained herein.
          This  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgment of an attorney.
          This estimate, dated January 3, 2019, and intended for use only during
        the  2019  Legislative  Session, is Fiscal Note No. 2019-11, prepared by
        the Actuary for the New York State and Local Retirement System.