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

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

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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--A
                               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
        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to Christopher 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 retirement system, who
     3  was employed by the capital  region  board  of  cooperative  educational
     4  services  in March 2008, for reasons not ascribed to his own negligence,
     5  did not file a membership application in such system until October 2013,
     6  which gave him Tier VI status instead of Tier IV status, where he  would
     7  have  been able to file a membership application when he became a perma-
     8  nent employee in March 2008 may be deemed to have become a member of the
     9  New York state and local employees' retirement system in March  2008  if
    10  on  or before December 31, 2017 he shall file with the state comptroller
    11  a written request to that effect. Upon the granting of such  retroactive
    12  membership,  Christopher  M.  Allen shall not be granted a refund of any
    13  employee contribution made by him  to  the  New  York  state  and  local
    14  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.
          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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11664-02-7
        S. 6130--A                          2
        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 2017 legislative session, we
        anticipate that there will be an increase of approximately $4,100 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 salaries of Christopher M. Allen change.
          In addition to the annual contributions discussed above, there will be
        a one-time past service cost of $13,500 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, 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 May 25, 2017, and intended for  use  only  during
        the  2017  Legislative Session, is Fiscal Note No. 2017-107, prepared by
        the Actuary for the New York State and Local Retirement System.