Bill Text: NY S05869 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes Donald R. Linde to apply for retroactive membership in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO CIVIL SERVICE AND PENSIONS [S05869 Detail]

Download: New_York-2017-S05869-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5869
                               2017-2018 Regular Sessions
                    IN SENATE
                                       May 4, 2017
                                       ___________
        Introduced  by  Sen.  RANZENHOFER -- 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 Donald R. Linde
          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 to the contrary,
     2  Donald R. Linde, a member of the New York  state  and  local  employees'
     3  retirement  system  who is currently employed by the Department of Taxa-
     4  tion and Finance, who on September 3, 2009 commenced part  time  employ-
     5  ment  with the State University of New York at Buffalo, and who became a
     6  member of such retirement system on February  11,  2010,  and  who,  for
     7  reasons  not ascribable to his own negligence, failed to become a member
     8  of the New York state and local employees' retirement system on  Septem-
     9  ber  3,  2009,  shall be deemed to have joined such retirement system on
    10  September 3, 2009, the commencement of his  employment  with  the  State
    11  University  of  New York at Buffalo, if within one year of the effective
    12  date of this act he shall file an application therefor  with  the  state
    13  comptroller.  Upon receipt of such application, Donald R. Linde shall be
    14  deemed to have joined the New York state and local employees' retirement
    15  system during 2009.
    16    § 2. All past service costs of implementing the provisions of this act
    17  shall be borne by the State University of New York at Buffalo, and there
    18  shall be no refund of member contributions to Donald R. Linde.
    19    § 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 Donald R. Linde, a current Tier 5 member
        employed  by the NYS Department of Tax and Finance, by changing his date
        of membership to September 3, 2009, his first date  of  employment  with
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09969-03-7
        S. 5869                             2
        the  State University of New York at Buffalo. There will be no refund of
        member contributions.
          If this legislation is enacted during the 2017 legislative session, we
        anticipate that there will be an increase of approximately $1,500 in the
        annual contributions of the State of New York for the fiscal year ending
        March  31,  2018.  In  future  years, this cost will vary as the billing
        rates and salary of Donald R. Linde change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $12,300 which  would  be
        borne  by  the  State  University  of  New York at Buffalo as a one-time
        payment. This estimate is based on the assumption that payment  will  be
        made on March 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 April 25, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No.  2017-84,  prepared  by
        the Actuary for the New York State and Local Retirement System.