Bill Text: NY A05451 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes the beneficiary of Robert Carballeira to receive an enhanced pension benefit on his behalf.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-02-06 - print number 5451a [A05451 Detail]

Download: New_York-2011-A05451-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5451--A
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 18, 2011
                                      ___________
       Introduced  by  M. of A. RAIA -- read once and referred to the Committee
         on Governmental Employees -- recommitted to the Committee  on  Govern-
         mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
         tee  discharged, bill amended, ordered reprinted as amended and recom-
         mitted to said committee
       AN ACT authorizing the beneficiary of Robert Carballeira to  receive  an
         enhanced pension benefit on his behalf
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding section 101 of the  retirement  and  social
    2  security law, the beneficiary of Robert Carballeira, who was a member of
    3  the  New  York state and local employees' retirement system and employed
    4  by the county of Suffolk, now deceased, shall be entitled to  a  benefit
    5  based  on  the total service credit to which he was entitled at the time
    6  of his earlier retirement  on  August  30,  1997  including  all  credit
    7  received  pursuant  to  chapter 41 of the laws of 1997, in addition with
    8  all member service credit earned by him subsequent to his last  restora-
    9  tion to membership on March 1, 2003, if, on or before December 31, 2012,
   10  such beneficiary shall file an application therefor with the state comp-
   11  troller.  Such total service credit to which he was entitled at the time
   12  of his earlier retirement shall be so credited  without  requiring  such
   13  member  to  return  to  the  retirement system with regular interest the
   14  actuarial equivalent of  the  amount  of  the  retirement  allowance  he
   15  received,  and  the  actuarial  equivalent thereof shall not be deducted
   16  from his subsequent retirement allowance.  Such benefit will be recalcu-
   17  lated as of January 15, 2008.  In addition to the  recalculated  benefit
   18  that  the  beneficiary will receive for her lifetime, retroactive to the
   19  pensioner's date of death, the beneficiary will  receive  a  retroactive
   20  payment based on the difference between the recalculated benefit and the
   21  benefit which was paid to Robert Carballeira prior to his death.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06600-04-2
       A. 5451--A                          2
    1    S  2.  All  costs  of implementing the provisions of this act shall be
    2  borne by the county of Suffolk.
    3    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  would  authorize  the beneficiary of Robert Carballeira to
       receive an enhanced pension benefit. Mr. Carballeira retired August  30,
       1997 under the retirement incentive authorized by chapter 41 of the laws
       of  1997.  He restored to membership in 2003 and subsequently retired on
       January 15, 2008. This bill would provide an enhanced pension  based  on
       all  service  credit  earned, including the retirement incentive credit,
       without requiring  that  the  retirement  allowance  that  was  paid  be
       returned to the retirement system.
         If  this bill is enacted, there will be an immediate past service cost
       of approximately $304,000 which will be borne by  Suffolk  County  as  a
       one-time  payment. This estimate is based on the assumption that payment
       will be made on February 1, 2013.
         Summary of relevant resources:
         Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
       membership  and  other  statistics  displayed  in the 2011 Report of the
       Actuary and 2011 Comprehensive Annual Financial Report.
         Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
       troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
       State of New York: Audit and Control.
         Market Assets and GASB Disclosures: March 31, 2011 New York State  and
       Local  Retirement System Financial Statements and Supplementary Informa-
       tion.
         Valuations of Benefit Liabilities and Actuarial Assets:  summarize  in
       the 2011 Actuarial Valuations report.
         I am a member of the American Academy of Actuaries and meet the Quali-
       fication Standards to render the actuarial opinion contained herein.
         This  estimate,  dated  January  27,  2012,  and intended for use only
       during the  2012  Legislative  Session,  is  Fiscal  Note  No.  2012-71,
       prepared  by  the  Actuary  for  the New York State and Local Employees'
       Retirement System.