Bill Text: NY A10944 | 2017-2018 | General Assembly | Amended

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Bill Title: Grants membership in the New York state and local employees' retirement system to Mark N. Neusatz.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-07 - print number 10944a [A10944 Detail]

Download: New_York-2017-A10944-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                        10944--A
                   IN ASSEMBLY
                                      May 29, 2018
                                       ___________
        Introduced by M. of A. LAWRENCE -- read once and referred to the Commit-
          tee  on  Governmental Employees -- committee discharged, bill amended,
          ordered reprinted as amended and recommitted to said committee
        AN ACT granting retroactive membership in the New York state  and  local
          employees' retirement system to Mark N. Neusatz
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Notwithstanding any other law  to  the  contrary,  Mark  N.
     2  Neusatz, who was employed as a part-time employee with the Monroe county
     3  sheriff's department with a start date of April 26, 2005 until April 10,
     4  2010,  and  who  is  currently  a member of the New York state and local
     5  employees' retirement system, who did not become a  member  of  the  New
     6  York state and local employees' retirement system on April 26, 2005 when
     7  first employed by the Monroe county sheriff's department shall be deemed
     8  to have been a member of the New York state and local employees' retire-
     9  ment system on such date, provided that an application is filed with the
    10  head of the New York state and local employees' retirement system within
    11  one year from the effective date of this act.
    12    §  2. No contributions made to the New York state and local employees'
    13  retirement system by Mark N. Neusatz shall be returned  or  refunded  to
    14  him pursuant to this act.
    15    § 3. All past service costs associated with the implementation of this
    16  act shall be borne by Monroe county.
    17    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 4 status in the New York State and Local
        Employees' Retirement System to Mark N. Neusatz, a current Tier 5 member
        employed by the Monroe county sheriff's department, by changing his date
        of membership to April 26, 2005, when he was first  employed  by  Monroe
        County. There will be no refund of member contributions.
          If this bill is enacted during the 2018 legislative session, we antic-
        ipate that there will be an increase of appoximately $1,900 in the annu-
        al  contributions  of Monroe county for the fiscal year ending March 31,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13950-06-8
        A. 10944--A                         2
        2019. In future years, this cost will vary as the billing rate and sala-
        ry of Mark Neusatz change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $3,600 which will be
        borne by Monroe county as a one-time payment. This estimate is based  on
        the assumption that payment will be made on February 1, 2019.
          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 January 4, 2018, and intended for use only during
        the  2018  Legislative  Session, is Fiscal Note No. 2018-29, prepared by
        the Actuary for the New York State and Local Retirement System.