Bill Text: NY S06448 | 2017-2018 | General Assembly | Introduced

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

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Bill Title: Grants retroactive Tier IV status in the New York state and local employees' retirement system to Jessica Strizzi.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2017-11-29 - VETOED MEMO.200 [S06448 Detail]

Download: New_York-2017-S06448-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6448
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 22, 2017
                                       ___________
        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT granting retroactive membership with tier IV status  in  the  New
          York state and local employees' retirement system to Jessica Strizzi
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Notwithstanding any other  law  to  the  contrary,  Jessica
     2  Strizzi,  a member of the New York state and local employees' retirement
     3  system, who is currently a student  assistant  at  the  New  York  state
     4  department  of  health  beginning  June 18, 2014, and who was previously
     5  employed on June 28, 2007 by the village of Green  Island  as  a  recre-
     6  ational  assistant, and who filed membership applications in such system
     7  on June 28, 2007 which should have given her  Tier  IV  status  but  for
     8  reasons  not  ascribable to her own negligence and due to an administra-
     9  tive error, the application was not processed in the  usual  manner  and
    10  therefore  not processed until July 9, 2012 may be deemed to have become
    11  a member of the New York state and local employees' retirement system on
    12  June 28, 2007, if on or before December  31,  2017  she  shall  file  an
    13  application  therefor  with  the  state comptroller. Upon the receipt of
    14  such application, Jessica Strizzi shall be granted Tier IV status in the
    15  New York state and local employees' retirement system  and  be  eligible
    16  for  all  the  rights and benefits thereof. No contributions made to the
    17  New York state and local employees' retirement system by Jessica Strizzi
    18  shall be returned to her pursuant to this act.
    19    § 2. Any past service costs incurred in implementing the provisions of
    20  this act shall be borne by the village of Green Island.
    21    § 3. This act shall take effect immediately.
          FISCAL NOTE.--This bill will allow Jessica Strizzi, an employee of the
        New York state department of health and a former employee of the Village
        of Green Island, to receive a retroactive date of membership in the  New
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11758-02-7
        S. 6448                             2
        York  State and Local Employees' Retirement System, thereby making her a
        Tier 4 member.
          If  this bill is enacted, we anticipate that there will be an increase
        of approximately $2,900 in annual contributions of the State of New York
        for the fiscal year ending March 31, 2018. In future  years,  this  cost
        will vary as her billing rate and salary change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $5,390 which would be
        borne by the Village of Green Island as a one-time payment.  This  esti-
        mate 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 16, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No.  2017-99,  prepared  by
        the Actuary for the New York State and Local Retirement System.