Bill Text: NY S03442 | 2019-2020 | General Assembly | Amended

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Bill Title: Authorizes Anthony A. Fede Tier I status in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-03-11 - PRINT NUMBER 3442A [S03442 Detail]

Download: New_York-2019-S03442-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         3442--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                    February 7, 2019
                                       ___________

        Introduced  by  Sen.  BROOKS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        AN  ACT to authorize Anthony A. Fede Tier I status 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  any  other  provision of law, Anthony A.
     2  Fede, who is currently retired and who was first eligible  to  join  the
     3  public  retirement  system  as of March 17, 1970 and who was employed by
     4  the Sewanhaka Central High School District from March 17, 1970 to August
     5  10, 1973 and who for reasons not ascribable to his  own  negligence  was
     6  not  afforded  the  opportunity  to  join  the  New York state and local
     7  employees' retirement system with Tier I status, shall be deemed to have
     8  become a member of the New York state and  local  employees'  retirement
     9  system  as of March 17, 1970; and shall have Tier I status, if, no later
    10  than one year after the effective date of this act he shall file a writ-
    11  ten request with the state comptroller. Upon receipt  of  such  request,
    12  the  retirement  benefit  shall  be calculated and payment shall be made
    13  retroactive to his date of retirement.
    14    § 2. No contributions made to the New York state and local  employees'
    15  retirement  system  shall  be  returned  or  refunded to Anthony A. Fede
    16  pursuant to this act.
    17    § 3. All past service costs associated with the implementation of this
    18  act shall be borne by all participating employers in the New York  state
    19  and local employees' retirement system.
    20    § 4. This act shall take effect immediately.
          Fiscal Note.--Pursuant to Legislative Law, Section 50:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06867-03-0
        S. 3442--A                          2

          This  bill  will  grant  Tier 1 status in the New York State and Local
        Employees' Retirement System (ERS) to Anthony A. Fede, a retired Tier  4
        member,  by changing his date of membership to March 17, 1970, his first
        date of employment with Sewanhaka Central School District.  The  retire-
        ment  benefit  will be recalculated and payment will be made retroactive
        to his date of retirement. There will be no refund  of  member  contrib-
        utions.
          If  this  bill  is  enacted during the 2020 legislative session, there
        will be an immediate past service cost of approximately  $159,000.  This
        cost  would  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, 2019 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2019
        Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016,  2017, 2018 and 2019 Annual Report to the Comptroller on Actuarial
        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, 2019
        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 February 20, 2020,  and  intended  for  use  only
        during  the  2020  Legislative  Session,  is  Fiscal  Note  No. 2020-54,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.