Bill Text: NY S04193 | 2013-2014 | General Assembly | Introduced

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

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Bill Title: Authorizes Malcolm Cully to file for Tier II status with the state comptroller.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S04193 Detail]

Download: New_York-2013-S04193-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4193
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    March 13, 2013
                                      ___________
       Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT in relation to allowing Malcolm Cully to file a request for  Tier
         II 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, Malcolm  Cully,
    2  who  is  a  member of the New York state and local employees' retirement
    3  system, and who was employed by the Buffalo City School district in Erie
    4  County for the period beginning July 1973 and ending September 1973, and
    5  who for reasons not ascribable to his own negligence did  not  become  a
    6  member  of  the New York state and local employees' retirement system at
    7  the time of his hiring and who is currently a Tier III member of the New
    8  York state and local employees' retirement system  shall  be  deemed  to
    9  have  become a member of such system as of July 1, 1973 entitling him to
   10  Tier II status with every right, benefit and privilege which would  have
   11  been  available to him on such date if, within one year of the effective
   12  date of this act, he shall file a written request to  that  effect  with
   13  the state comptroller. Upon the granting of such retroactive membership,
   14  Malcolm  Cully  shall  be granted a refund of any employee contributions
   15  made by him to the New York state and local retirement system.
   16    S 2. All past service costs associated with the implementation of this
   17  act shall be borne by the state of New York.
   18    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will deem Malcolm Cully, currently a Tier 3  member  of  the
       New  York  State  and  Local Employees' Retirement System, to have first
       become a member of the Retirement System on July 1, 1973, thereby making
       him a Tier 2 member. There will be a refund of Tier  3  member  contrib-
       utions.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09629-02-3
       S. 4193                             2
         If  this bill is enacted, we anticipate that there will be an increase
       of approximately $10,500 in the annual contributions of the State of New
       York for the fiscal year ending March 31, 2014.
         In addition to the annual contributions discussed above, there will be
       an  immediate past service cost of approximately $282,000 which would be
       borne by the State of New York as a one-time payment.  This estimate  is
       based on the assumption that payment will be made on March 1, 2014.
         Summary of relevant resources:
         Data:  March  31,  2012  Actuarial Year End File with distributions of
       membership and other statistics displayed in  the  2012  Report  of  the
       Actuary and 2012 Comprehensive Annual Financial Report.
         Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
       Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
       State of New York: Audit and Control.
         Market Assets and GASB Disclosures: March 31, 2012 New York State  and
       Local  Retirement System Financial Statements and Supplementary Informa-
       tion.
         Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
       the 2012 Actuarial Valuations report.
         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 March 12, 2013 and intended for use only during
       the 2013 Legislative Session, is Fiscal Note No.  2013-99,  prepared  by
       the  Actuary  for  the  New  York  State and Local Employees' Retirement
       System.