Bill Text: NY A06747 | 2017-2018 | General Assembly | Introduced

---

Bill Title: Relates to granting Sal Medak Tier I status in the NYSLERS.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-10-11 - enacting clause stricken [A06747 Detail]

Download: New_York-2017-A06747-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          6747
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 16, 2017
                                       ___________
        Introduced  by M. of A. LOPEZ -- read once and referred to the Committee
          on Governmental Employees
        AN ACT in relation to granting Sal Medak Tier I status in the  New  York
          state and local employees' retirement system with a membership date of
          January 1972
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Notwithstanding any  inconsistent  provision  of  law,  Sal
     2  Medak, who has been employed with the New York city education department
     3  since  January of 1972, and for reasons not ascribable to his own negli-
     4  gence did not become a member of the New York state and local employees'
     5  retirement system at the time of his hiring and who is currently a  Tier
     6  I  member  of  the New York state and local employees' retirement system
     7  with a membership date of September 1972 shall be deemed to have  become
     8  a  member  of  such system as of January 1, 1972 entitling him to Tier I
     9  status with every right, benefit and privilege  which  would  have  been
    10  available to him on such date.
    11    § 2. This act shall take effect immediately.
          FISCAL NOTE.--
          This  bill would deem retired tier 1 member Sal Medak to have become a
        member of the New York State  and  Local  Employees'  Retirement  System
        (ERS)  on  January  1,  1972, thereby granting him the right to have his
        final average salary recalculated with the inclusion  of  the  lump  sum
        payment made for his unused vacation leave.
          If  this  bill is enacted, there will be past service cost of approxi-
        mately $66,100 which will be shared by the state of  New  York  and  the
        participating employers in the ERS.
          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, 2016  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2016
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07721-02-7
        A. 6747                             2
        Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        and 2016 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, 2016
        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  estimate,  dated March 3, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No.  2017-71,  prepared  by
        the Actuary for the New York State and Local Retirement System.