Bill Text: NY S04450 | 2017-2018 | General Assembly | Introduced

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Bill Title: Grants retroactive tier IV membership in the New York state and local employees' retirement system to Scott Goodfellow.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-06-14 - SUBSTITUTED BY A5194 [S04450 Detail]

Download: New_York-2017-S04450-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4450
                               2017-2018 Regular Sessions
                    IN SENATE
                                    February 15, 2017
                                       ___________
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to Scott Goodfellow
          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, Scott Goodfel-
     2  low, a member of the New York  state  and  local  employees'  retirement
     3  system,  who  was  employed  on  December 28, 2009, by the county of St.
     4  Lawrence department of corrections, and who filed membership application
     5  in such system on December 28, 2009, which should have given him Tier IV
     6  status but for reasons not ascribable to his own negligence and  due  to
     7  an  administrative error, the application was not processed in the usual
     8  manner and therefore not processed until January 4, 2010, may be  deemed
     9  to  have  become  a  member  of  the New York state and local employees'
    10  retirement system on December 28, 2009, if within one year from the date
    11  this act shall have become a law he shall file an  application  therefor
    12  with the state comptroller.  Upon the receipt of such application, Scott
    13  Goodfellow  shall  be  granted  Tier IV status in the New York state and
    14  local employees' retirement system and be eligible for  all  the  rights
    15  and  benefits  thereof.  No contributions made to the New York state and
    16  local employees' retirement system by Scott Goodfellow shall be returned
    17  to him pursuant to this act.
    18    § 2. Any past service costs incurred in implementing the provisions of
    19  this act shall be borne by the county of St. Lawrence.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant Tier 4 status in the New  York  State  and  Local
        Employees'  Retirement  System to Scott Goodfellow, by changing his date
        of membership to December 28, 2009, his first date of employment by  the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02564-02-7
        S. 4450                             2
        St.  Lawrence County department of corrections. He currently is a Tier 5
        member employed by the New York State Power Authority.
          If this legislation is enacted during the 2017 legislative session, we
        anticipate that there will be an increase of approximately $2,400 in the
        annual  contributions  of  the  New  York  State Power Authority for the
        fiscal year ending March 31, 2018. In future years, this cost will  vary
        as the billing rates and salaries of Scott Goodfellow change.
          In addition to the annual contributions discussed above, there will be
        a  one-time  past  service  cost  of  $2,300  which will be borne by St.
        Lawrence County as a one-time payment. This estimate  is  based  on  the
        assumption that payment will be made on February 1, 2018.
          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, 2016  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2016
        Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        and 2016 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, 2016
        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  January  19,  2017,  and intended for use only
        during the 2017 Legislative Session, Is Fiscal No. 2017-33, prepared  by
        the Actuary for the New York State and Local Retirement System.