Bill Text: NY S04445 | 2021-2022 | General Assembly | Amended


Bill Title: Authorizes Joseph F. Delaney to apply for military service credit in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-14 - PRINT NUMBER 4445A [S04445 Detail]

Download: New_York-2021-S04445-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         4445--A

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 4, 2021
                                       ___________

        Introduced  by  Sen. HELMING -- 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  Joseph  F. Delaney to apply for military service
          credit 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  subdivision  5  of  section  1000 of the
     2  retirement and social security law, Joseph F. Delaney, a retired  member
     3  of  the  New  York  state  and local employees' retirement system having
     4  retired December 30, 1997; and who served in the United States  military
     5  during  the  Korean  conflict,  shall  be eligible to apply for military
     6  service credit in the New York state  and  local  employees'  retirement
     7  system  as  otherwise provided pursuant to provisions of section 1000 of
     8  the retirement and social security law,  if,  within  one  year  of  the
     9  effective date of this act, he shall: (1) file a written request to that
    10  effect  with  such  retirement system; and (2) shall pay to the New York
    11  state and local employees' retirement system  an  amount  equal  to  the
    12  product  of  the  number  of years of military service being claimed and
    13  three percent of his final average salary. Such benefit shall be  recal-
    14  culated as of the date of his retirement.
    15    § 2. All past service costs attributable to the implementation of this
    16  act shall be borne by the state of New York.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will authorize Joseph F. Delaney, who is a retired member of
        the  New York State and Local Employees' Retirement System (NYSLERS), to
        apply for military service credit pursuant to §1000  of  the  Retirement

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04587-03-1

        S. 4445--A                          2

        and  Social  Security  Law.  The bill requires Mr. Delaney to pay to the
        NYSLERS an amount equal to the product of the number of years  of  mili-
        tary  service  being  claimed  and  3%  of his final average salary. The
        retirement  benefit will be recalculated and payment will be made retro-
        active to his date of retirement.
          If this bill is enacted during the  2022  legislative  session,  there
        will  be  an  immediate  past  service  cost  of approximately $109,000.
        Approximately $3,100 of this cost would be borne by Joseph  Delaney  and
        the  remaining  $105,900  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, 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.
          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 December 20, 2020,  and  intended  for  use  only
        during  the  2022  Legislative  Session,  is  Fiscal  Note  No. 2022-22,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.
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