Bill Text: NY S06950 | 2013-2014 | General Assembly | Introduced

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Bill Title: Grants Sal Medak Tier I status in the New York state and local employees' retirement system with a membership date of January 1, 1972.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2014-06-12 - referred to governmental employees [S06950 Detail]

Download: New_York-2013-S06950-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6950
                                   I N  S E N A T E
                                     April 7, 2014
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT in relation to granting Sal Medak Tier I status in the  New  York
         state and local employees' retirement system with a membership date of
         January 1972
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any  inconsistent  provision  of  law,  Sal
    2  Medak, who has been employed with the New York city education department
    3  since  January of 1972, and for reasons not ascribable to his own negli-
    4  gence did not become a member of the New York state and local employees'
    5  retirement system at the time of his hiring and who is currently a  Tier
    6  I  member  of  the New York state and local employees' retirement system
    7  with a membership date of September 1972 shall be deemed to have  become
    8  a  member  of  such system as of January 1, 1972 entitling him to Tier I
    9  status with every right, benefit and privilege  which  would  have  been
   10  available to him on such date.
   11    S 2. This act shall take effect immediately.
         FISCAL  NOTE.--  This bill would deem retired member Sal Medak to have
       become a member of the New York State and  Local  Employees'  Retirement
       System  (ERS) on January 1, 1972, thereby granting him the right to have
       his final average salary recalculated with the inclusion of the lump sum
       payment made for his unused vacation leave.
         If this bill is enacted, there will be a past service cost of approxi-
       mately $56,200 which will be shared by the state of  New  York  and  the
       participating employers in the ERS.
         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, 2013  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07317-02-4
       S. 6950                             2
       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, 2013
       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 February 27, 2014,  and  intended  for  use  only
       during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-94,
       prepared by the Actuary for the New  York  State  and  Local  Employees'
       Retirement System.