Bill Text: NY S05134 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes the participation by free association libraries in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-02-05 - PRINT NUMBER 5134A [S05134 Detail]

Download: New_York-2017-S05134-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 5134                                                  A. 6548
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                      March 9, 2017
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Civil Service
          and Pensions
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Governmental Employees
        AN ACT to amend the retirement and social security law, in  relation  to
          participation  by free association libraries 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. The retirement and social security law is amended by adding
     2  a new section 31-g to read as follows:
     3    §  31-g.  Participation by free association libraries.  A free associ-
     4  ation library as defined in  section  two  hundred  fifty-three  of  the
     5  education  law  and  which meets the criteria set forth in this section,
     6  may by resolution adopted as provided in section seven hundred eight  of
     7  the  not-for-profit corporation law by its board of trustees and subject
     8  to the approval of the comptroller, elect to participate in the  retire-
     9  ment  system.  Acceptance of its employees for membership in the retire-
    10  ment system shall be mandatory with the comptroller, who shall determine
    11  the amounts of contribution payable by such library and  its  employees,
    12  shall  resolve  questions  of credit for prior service, and shall in all
    13  other respects assure that such employees share the same  rights,  obli-
    14  gations  and  benefits as other members of the retirement system. A free
    15  association library shall be eligible  to  join  the  retirement  system
    16  under the following conditions:
    17    (a) such library shall be chartered by the state board of regents;
    18    (b)  such  library  shall serve the entire population of its chartered
    19  service area;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09916-02-7
        S. 5134                             2                            A. 6548
     1    (c) the board of trustees of such library  shall  be  elected  by  the
     2  voters of its chartered service area;
     3    (d) such library's budget shall be approved by the voters of its char-
     4  tered service area;
     5    (e)  at  least fifty-one percent of such library's budget shall derive
     6  from public sources; and
     7    (f) such library shall file the annual report with the comptroller  as
     8  required  of public libraries by section thirty of the general municipal
     9  law.
    10    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would permit any free association public library which meets
        certain specific criteria to elect participation in the New  York  State
        and Local Employees' Retirement System.
          If  this  bill  is  enacted and an eligible corporation elects partic-
        ipation, the future annual cost would  depend  on  the  retirement  plan
        adopted.
          As  a  percentage  of  payroll, we anticipate that the annual contrib-
        utions of the affected corporation for the fiscal year ending March  31,
        2018, will be as follows:
                      Tier 1      10.6% to 21.5%
                      Tier 2        9.8% to 19.5%
                      Tier 3       15.8%
                      Tier 4       15.8%
                      Tier 5       13.0%
                      Tier 6        9.2%
          In addition to the annual contributions discussed above, there will be
        a  deficiency cost to the affected corporation which will be payable for
        a 25 year period. These costs will depend on the age,  service,  salary,
        tier status and plan of the affected employees.
          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  February  16,  2017, and intended for use only
        during the  2017  Legislative  Session,  is  Fiscal  Note  No.  2017-67,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.