Bill Text: NY A06939 | 2015-2016 | General Assembly | Introduced

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Bill Title: Grants retroactive tier IV membership in the New York state and local employees' retirement system to Brian Stebbins.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-06-17 - substituted by s4755 [A06939 Detail]

Download: New_York-2015-A06939-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4755                                                  A. 6939
                              2015-2016 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    April 15, 2015
                                      ___________
       IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Civil Service
         and Pensions
       IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred
         to the Committee on Governmental Employees
       AN ACT granting retroactive tier IV membership in the New York state and
         local employees' retirement system to Brian Stebbins
         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, Brian Stebbins,
    2  a member of the New York state and local employees'  retirement  system,
    3  who  was employed on August 1, 2003, by the village of Green Island, and
    4  who filed a membership application in such system  on  August  1,  2003,
    5  which  should have given him Tier IV status but for reasons not ascriba-
    6  ble to his own negligence and due to an administrative error, the appli-
    7  cation was not processed in the usual manner and therefore not processed
    8  until March 15, 2012, may be deemed to have become a member of  the  New
    9  York  state and local employees' retirement system on August 1, 2003, if
   10  on or before December 31, 2015 he shall  file  an  application  therefor
   11  with  the state comptroller. Upon the receipt of such application, Brian
   12  Stebbins shall be granted Tier IV status in the New York state and local
   13  employees' retirement system and be eligible  for  all  the  rights  and
   14  benefits  thereof. No contributions made to the New York state and local
   15  employees' retirement system by Brian Stebbins shall be returned to  him
   16  pursuant to this act.
   17    S 2. Any past service costs incurred in implementing the provisions of
   18  this act shall be borne by the village of Green Island.
   19    S 3. This act shall take effect immediately.
         FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06294-02-5
       S. 4755                             2                            A. 6939
         This  bill  will  grant  Tier 4 status in the New York State and Local
       Employees' Retirement System to Brian M.  Stebbins,  a  current  Tier  5
       member  employed  by  the  State  of  New  York, by changing his date of
       membership to August 1, 2003, the first date  he  was  employed  by  the
       Village of Green Island.
         If this legislation is enacted during the 2015 legislative session, we
       anticipate that there will be an increase of approximately $1,920 in the
       annual contributions of the State of New York for the fiscal year ending
       March  31,  2016.  In  future  years, this cost will vary as the billing
       rates and salary of Brian M. Stebbins change.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately  $4,630  which  will  be
       borne  by  the Village of Green Island as a one time payment. This esti-
       mate is based on the assumption that payment will be made on February 1,
       2016.
         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, 2014 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2014
       Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
       Report.
         The actuarial assumptions and methods used are described in the  2010,
       2011,  2012, 2013 and 2014 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, 2014
       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 February 5, 2015 and intended for use only during
       the 2015 Legislative Session, is Fiscal Note No.  2015-58,  prepared  by
       the  Actuary  for  the  New  York  State and Local Employees' Retirement
       system.