Bill Text: NY A09163 | 2013-2014 | General Assembly | Introduced

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Bill Title: Grants Sal Medak Tier I status in the New York state and local employees' retirement system with a membership date of January 1, 1972.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-03-24 - referred to governmental employees [A09163 Detail]

Download: New_York-2013-A09163-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9163
                                 I N  A S S E M B L Y
                                    March 24, 2014
                                      ___________
       Introduced by M. of A. P. LOPEZ -- read once and referred to the Commit-
         tee 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    S 2. This act shall take effect immediately.
         FISCAL NOTE.-- This bill would deem retired 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 a past service cost of approxi-
       mately  $56,200  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, 2013 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2013
       Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
       Report.
         The actuarial assumptions and methods used are described in the  2010,
       2011,  2012  and  2013  Annual  Report  to  the Comptroller on Actuarial
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07317-02-4
       A. 9163                             2
       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, 2013
       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 27, 2014,  and  intended  for  use  only
       during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-94,
       prepared by the Actuary for the New  York  State  and  Local  Employees'
       Retirement System.