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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 7491                                                 A. 10014
                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
        IN  ASSEMBLY  -- Introduced by M. of A. MURRAY -- read once and referred
          to the Committee on Governmental Employees
        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  and
    11  shall pay to such system an amount which such member would have contrib-
    12  uted  during such period as a Tier IV member, together with any interest
    13  thereon, if, on or before December 31, 2016, he shall file  an  applica-
    14  tion  therefor  with the head of the New York state teachers' retirement
    15  system.
    16    § 2. All costs associated with implementing the provisions of this act
    17  shall be borne by the employers of members of the New York state  teach-
    18  ers' retirement system.
    19    § 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
        available to him as a Tier 4 member. His date  of  membership  would  be
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13063-02-6
        S. 7491                             2                           A. 10014
        changed  based  upon  his  employment with the University of Stony Brook
        from July 1, 1998 through June 30, 2013. Mr. Moriarty shall pay  to  the
        New York State Teachers' Retirement System an amount equal to that which
        he would have contributed during such period as a Tier 4 member, togeth-
        er  with  any interest thereon, and 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 $83,000.
          Employee  data  is  from the System's most recent actuarial valuations
        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  2016-4  dated  January  7,
        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.