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

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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-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4193--A
                              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
         -- committee discharged, bill amended, ordered  reprinted  as  amended
         and recommitted to said committee
       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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09629-03-3
       S. 4193--A                          2
       him  a  Tier  2 member. There will be a refund of Tier 3 member contrib-
       utions.
         If  this bill is enacted, we anticipate that there will be an increase
       of approximately $10,700 in the annual contributions of the State of New
       York for the fiscal year ending March 31, 2015.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $340,000 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, 2015.
         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, 2013 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2013
       Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
       Report.
         The actuarial assumptions and methods used are described in the  2010,
       2011,  2012  and  2013  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, 2013
       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 October 29, 2013 and intended for use only during
       the 2014 Legislative Session, is Fiscal Note No.  2014-28,  prepared  by
       the  Actuary  for  the  New  York  State and Local Employees' Retirement
       System.