Bill Text: NY A10563 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes Joseph Murphy, a former employee of the NYS department of corrections and community supervision, to receive a refund for military service credit purchased in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-07-06 - referred to governmental employees [A10563 Detail]

Download: New_York-2021-A10563-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10563

                   IN ASSEMBLY

                                      July 6, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Lalor) --
          read once and referred to the Committee on Governmental Employees

        AN ACT authorizing Joseph  Murphy  to  receive  a  refund  for  military
          service  credit  purchased  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  the  provisions  of  section 1000 of the
     2  retirement and social security law Joseph  Murphy,  who  was  a  Tier  6
     3  member  of the New York state and local employees' retirement system who
     4  was formerly employed by the New York state  department  of  corrections
     5  and  community  supervision  from August 5, 2013 until July 3, 2019, and
     6  who purchased three years of military service credit in  the  amount  of
     7  $18,518.73, shall be authorized to receive a refund of such amount.
     8    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would provide Joseph Murphy, a former member of the New York
        State  and  Local  Employees'  Retirement  System (NYSLERS), a refund of
        voluntary contributions made for  the  purpose  of  purchasing  military
        service credit.
          If this bill is enacted during the 2022 legislative session, we antic-
        ipate  no  increase  in  the  annual  contributions of any participating
        employers in the NYSLERS for the fiscal year ending March 31, 2023.
          Summary of relevant resources:
          Membership data as of March 31, 2021 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al  valuation.    Distributions and other statistics can be found in the
        2021 Report of the Actuary and the 2021 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        and 2021 Annual Report to the Comptroller on Actuarial Assumptions,  and
        the  Codes,  Rules  and  Regulations of the State of New York: Audit and
        Control.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08685-02-2
        A. 10563                            2

          The Market Assets and GASB Disclosures are found in the March 31, 2021
        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  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgment of an attorney.
          This  estimate,  dated  May 23, 2022, and intended for use only during
        the 2022 Legislative Session, is Fiscal Note No. 2022-154,  prepared  by
        the Actuary for the New York State and Local Retirement System.