Bill Text: NY A10014 | 2015-2016 | General Assembly | Amended

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Bill Title: Grants Kevin Moriarty Tier IV status in the New York state teachers' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Vetoed) 2016-11-28 - tabled [A10014 Detail]

Download: New_York-2015-A10014-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 7491--A                                           A. 10014--A
                SENATE - ASSEMBLY
                                       May 5, 2016
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Civil Service
          and  Pensions -- committee discharged, bill amended, ordered reprinted
          as amended and recommitted to said committee
        IN ASSEMBLY -- Introduced by M. of A. MURRAY -- read once  and  referred
          to  the  Committee  on Governmental Employees -- committee discharged,
          bill amended, ordered reprinted as amended  and  recommitted  to  said
          committee
        AN  ACT in relation to granting Kevin Moriarty Tier IV status in the New
          York state teachers' 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, Kevin Moriarty,
     2  who  is  a member of the New York state teachers' retirement system with
     3  Tier VI status, and who, from 1998 through 2013 was employed as a  part-
     4  time  lecturer by the College of Engineering and Applied Sciences of the
     5  University of Stony Brook, and who, since 2013 has been  employed  as  a
     6  ten-month  lecturer by such college, and who, for reasons not ascribable
     7  to his own negligence, failed to become a member of the New  York  state
     8  teachers' retirement system in 1998, shall be deemed to have joined such
     9  retirement system in 1998, having Tier IV status with every right, bene-
    10  fit  and  privilege which would have been available to him in 1998 if on
    11  or before December 31, 2016, he shall file an application therefor  with
    12  the head of the New York state teachers' retirement system.
    13    §   2.  All  past  service  costs  associated  with  implementing  the
    14  provisions of this act shall be borne by the employers of members of the
    15  New York state teachers' retirement system, and there shall be no refund
    16  of the members contributions to Kevin Moriarty.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Kevin Moriarty, a member of the New  York  State
        Teachers'  Retirement System with Tier 6 status, to be reclassified as a
        Tier 4 member with all rights, benefits, and privileges which  would  be
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13063-04-6
        S. 7491--A                          2                        A. 10014--A
        available  to  him  as  a Tier 4 member. His date of membership would be
        changed based upon his employment with the  University  of  Stony  Brook
        from  July  1,  1998  through June 30, 2013. Employee contributions made
        pursuant  to  Article 15 of the Retirement and Social Security Law would
        not be refunded to Mr.  Moriarty.  Mr.  Moriarty  must  file  a  written
        request  with the head of the New York State Teachers' Retirement System
        on or before December 31, 2016.
          The cost of this benefit is equal to the increase in the present value
        of benefits, which is estimated to be $71,000.
          Employee data is from the System's  most  recent  actuarial  valuation
        files,  consisting  of  data provided by the employers to the Retirement
        System. Data distributions and statistics can be found in  the  System's
        Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
        reported in the System's financial statements, and can also be found  in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The source of this estimate is Fiscal Note 2016-31 dated June 13, 2016
        prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
        System and is intended for use only during the 2016 Legislative Session.
        I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
        Retirement  System.  I  am a member of the American Academy of Actuaries
        and I meet the Qualification Standards of the American Academy of  Actu-
        aries to render the actuarial opinion contained herein.