STATE OF NEW YORK ________________________________________________________________________ 6697 2017-2018 Regular Sessions IN SENATE June 13, 2017 ___________ Introduced by Sen. JACOBS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT in relation to granting Tier I status in the New York state and local employees' retirement system to Thomas Amodeo 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, Thomas Amodeo, 2 who was first employed as a Supervisor at the City of Buffalo Department 3 of Special Projects in the administration of the Summer youth program 4 commencing at the start of the summer semester of 1970 and was thereby 5 eligible to participate in the New York state and local employees' 6 retirement system, and who is currently a judge and a member of the New 7 York state and local employees' retirement system, who through no fault 8 of his own did not become a member of the New York state and local 9 employees' retirement system when he was first employed by the City of 10 Buffalo Department of Special Projects in 1970, shall be granted retro- 11 active membership in the New York state and local employees' retirement 12 system with Tier I status, if within one year from the effective date of 13 this act he shall make a written application to that effect, duly 14 executed and filed with such retirement system. 15 § 2. All costs associated with the implementation of this act shall be 16 borne by the employers of members of the New York state and local 17 employees' retirement system. 18 § 3. This act shall take effect immediately. FISCAL NOTE. -- Pursuant to Legislative Law, Section 50: This bill will grant Tier 1 status in the New York State and Local Employees' Retirement System to Thomas Amedeo, by changing his date of membership to July 1, 1970, his first date of employment by the city of Buffalo Department of Special Projects. He currently is a Tier 3 member employed by the New York State Office of Court Administration. Further, tier 3 member contributions will be refunded to Thomas Amodeo. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11988-03-7S. 6697 2 If this legislation is enacted during the 2017 legislative session, we anticipate that there will be an increase of approximately $11,000 in the annual contributions of New York State for the fiscal year ending March 31, 2018. In future years, this cost will vary as his billing rates and salaries change. In addition to the annual contributions discussed above, there will be a one-time past service cost of $285,000 which will be borne by the state of New York and the participating employers in the New York State and Local Employees' Retirement System. 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 June 6, 2017, and intended for use only during the 2017 Legislative Session, is Fiscal No. 2017-114, prepared by the Actuary for the New York State and Local Retirement System.