Bill Text: NY A08434 | 2017-2018 | General Assembly | Amended
Bill Title: Authorizes Anthony A. Fede Tier I status in the New York state and local employees' retirement system.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-03-27 - print number 8434a [A08434 Detail]
Download: New_York-2017-A08434-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 8434--A 2017-2018 Regular Sessions IN ASSEMBLY June 16, 2017 ___________ Introduced by M. of A. PELLEGRINO -- read once and referred to the Committee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to authorize Anthony A. Fede Tier I status in the New York state and local employees' retirement system 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, Anthony A. 2 Fede, who is currently retired and who was first eligible to join the 3 public retirement system as of March 17, 1970 and who was employed by 4 the Sewanhaka Central High School District from March 17, 1970 to August 5 10, 1973 and who for reasons not ascribable to his own negligence was 6 not afforded the opportunity to join the New York state and local 7 employees' retirement system with Tier I status, shall be deemed to have 8 become a member of the New York state and local employees' retirement 9 system as of March 17, 1970; and shall have Tier I status, if, no later 10 than one year after the effective date of this act he shall file a writ- 11 ten request with the state comptroller. Upon receipt of such request, 12 the retirement benefit shall be calculated and payment shall be made 13 retroactive to his date of retirement. 14 § 2. No contributions made to the New York state and local employees' 15 retirement system shall be returned or refunded to Anthony A. Fede 16 pursuant to this act. 17 § 3. All past service costs associated with the implementation of this 18 act shall be borne by all participating employers in the New York state 19 and local employees' retirement system. 20 § 4. 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. LBD11345-11-8A. 8434--A 2 This bill would grant Tier 1 status in the New York State and Local Employees' Retirement System (ERS) to Anthony A. Fede, a retired Tier 4 member, by changing his date of membership to March 17, 1970, his first date of employment with Sewanhaka Central School District. The retire- ment benefit will be recalculated and payment will be made retroactive to his date of retirement. There will be no refund of member contrib- utions. If this legislation is enacted during the 2018 legislative session, there will be an immediate past service cost of approximately $145,000. These costs would be shared by the State of New York and the participat- ing 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, 2017 actuarial valu- ation. Distributions and other statistics can be found in the 2017 Report of the Actuary and the 2017 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015, 2016, and 2017 Annual Report to the Comptroller on Actuarial Assump- tions, 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, 2017 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 26, 2018, and intended for use only during the 2018 Legislative Session, is Fiscal Note No. 2018-52, prepared by the Actuary for the New York State and Local Retirement System.
