Bill Text: NY S06130 | 2017-2018 | General Assembly | Amended

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Bill Title: Relates to granting tier IV membership in the New York state and local employees' retirement system to Christopher M. Allen.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-01-08 - PRINT NUMBER 6130B [S06130 Detail]

Download: New_York-2017-S06130-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6130--B
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 11, 2017
                                       ___________
        Introduced  by Sens. AMEDORE, TEDISCO -- read twice and ordered printed,
          and when printed to be committed to the Committee on Civil Service and
          Pensions -- committee discharged, bill amended, ordered  reprinted  as
          amended  and  recommitted  to  said  committee  --  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 committee
        AN  ACT  to  authorize the granting of retroactive tier IV membership in
          the New York state and local employees' retirement system to  Christo-
          pher M. Allen
          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, Christopher  M.
     2  Allen,  a  member  of the New York state and local employees' retirement
     3  system, who began employment with the capital region  board  of  cooper-
     4  ative  educational  services  in  March  2008,  and  who for reasons not
     5  ascribed to his own negligence, did not file a membership application in
     6  such system until October 2013, which gave him Tier VI status instead of
     7  Tier IV status, where he would have  been  able  to  file  a  membership
     8  application  when  he  became  a permanent employee in March 2008 may be
     9  deemed to have become a member of the New York state and  local  employ-
    10  ees'  retirement  system in March 2008 if on or before December 31, 2018
    11  he shall file with the state  comptroller  a  written  request  to  that
    12  effect. Upon the granting of such retroactive membership, Christopher M.
    13  Allen shall not be granted a refund of any employee contribution made by
    14  him to the New York state and local employees' retirement system.
    15    § 2. Any past service costs incurred in implementing the provisions of
    16  this  act  shall  be  borne  by  the capital region board of cooperative
    17  educational services.
    18    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11664-04-8
        S. 6130--B                          2
          FISCAL NOTE.-- This bill will grant Tier 4  status  in  the  New  York
        State and Local Employees' Retirement System to Christopher M. Allen, by
        changing  his  date  of membership to be in March, 2008, the date he was
        employed  by  the  capital  region  board  of  cooperative   educational
        services.  He  currently is a Tier 6 member employed by the state of New
        York as a unified court peace officer.
          If this legislation is enacted during the 2018 legislative session, we
        anticipate that there will be an increase of approximately $4,300 in the
        annual contributions of the state of New York for the fiscal year ending
        March 31, 2019. In future years, this cost  will  vary  as  the  billing
        rates and salaries of Christopher M. Allen change.
          In addition to the annual contributions discussed above, there will be
        a one-time past service cost of $19,200 which will be borne by the capi-
        tal  region  board  of  cooperative  educational  services as a one-time
        payment. This estimate is based on the assumption that payment  will  be
        made on February 1, 2019.
          Summary of relevant resources:
          If membership data used in measuring the impact of the proposed change
        was  the  same  as  that used in the March 31, 2017 actuarial valuation.
        Distributions and other statistics can be found in the  2017  Report  of
        the Actuary and the 2017 Comprehensive Annual Financial Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2017
        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  December  15,  2017, and intended for use only
        during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-23,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.