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. LBD04587-03-1S. 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.