Bill Text: NY S04557 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 4557 (Prior Session Legislation)

Introduced

Bill Title: Allows AnnMarie Milano to file a request for Tier IV status in the New York state and local employees' retirement system with the state comptroller.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-09-25 - SIGNED CHAP.306 [S04557 Detail]

Download: New_York-2015-S04557-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4557
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    March 27, 2015
                                      ___________
       Introduced  by  Sen.  MURPHY -- 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 AnnMarie Milano to  file  a  request  for
         Tier  IV  status in the New York state and local employees' retirement
         system with the state comptroller
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any other provisions of law, AnnMarie Mila-
    2  no,  a  member  of  the  New  York state and local employees' retirement
    3  system employed by the town of  Southeast  in  Putnam  county,  who  was
    4  employed by the tax department in the town of Southeast in Putnam county
    5  beginning in August 1998, and who, for reasons not ascribable to her own
    6  negligence,  failed  to  become a member of the New York state and local
    7  employees' retirement system while so employed by the tax department  in
    8  the town of Southeast, shall be deemed to have joined the New York state
    9  and  local  employees' retirement system in August 1998, if on or before
   10  December 31, 2015 she shall file an application therefor with the  state
   11  comptroller. Upon the receipt of such application, AnnMarie Milano shall
   12  be  granted  Tier  IV  status in the New York state and local employees'
   13  retirement system and be eligible for all the rights and benefits there-
   14  of.
   15    S 2. No contributions made to the New York state and local  employees'
   16  retirement  system  by AnnMarie Milano shall be returned to her pursuant
   17  to this act.
   18    S 3. All past costs of implementing the provisions of this  act  shall
   19  be borne by the town of Southeast in Putnam county.
   20    S 4. 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  AnnMarie  Milano,  a  current  Tier  6
       member, by changing her date of membership to August 31, 1998, her first
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08218-02-5
       S. 4557                             2
       date  of  employment  with the town of Southeast in Putnam County. There
       will be no refund of member contributions.
         If this legislation is enacted during the 2015 legislative session, we
       anticipate that there will be an increase of approximately $1,150 in the
       annual  contributions  of the town of Southeast in Putnam County for the
       fiscal year ending March 31, 2016. In future years, this cost will  vary
       as the billing rates and salary of AnnMarie Milano change.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past  service  cost of approximately $4,450 which will be
       borne by the town of Southeast in Putnam County. This estimate is  based
       on the assumption that payment will be made on February 1, 2016.
         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, 2014  actuarial  valu-
       ation.  Distributions  and  other  statistics  can  be found in the 2014
       Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012, 2013 and 2014 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, 2014
       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 February 5, 2015 and intended for use only during
       the  2015  Legislative  Session, is Fiscal Note No. 2015-54, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System.