Bill Text: NY S07363 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to tier IV retirement benefits for Luke Parga; accords him tier IV benefits due to his past employment in 2006.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-16 - SUBSTITUTED BY A3160A [S07363 Detail]

Download: New_York-2015-S07363-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7363
                    IN SENATE
                                     April 22, 2016
                                       ___________
        Introduced  by  Sen.  AKSHAR -- 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 Luke Parga tier IV status in the New York
          state and local employees' retirement system with a membership date of
          2006
          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, Luke Parga
     2  who is currently a tier V member of the New York state and local employ-
     3  ees' retirement system and  currently  employed  by  the  department  of
     4  transportation, and who was employed by the state university of New York
     5  at  Potsdam  Police  and  Binghamton  University  in  2006, and who, for
     6  reasons not ascribable to his own negligence, failed to become a  member
     7  of  the  New  York state and local employees' retirement system in 2006,
     8  shall be deemed to have been a  member  of  such  retirement  system  on
     9  February  8,  2006,  having tier IV status with every right, benefit and
    10  privilege which would have been available to him on such date if, on  or
    11  before December 31 next succeeding the date on which this act shall have
    12  become a law, he shall file an application therefor with the state comp-
    13  troller.
    14    § 2. All past service costs of implementing the provisions of this act
    15  shall be borne by the state of New York.
    16    §  3. No contributions made to the New York state and local employees'
    17  retirement system by Luke Parga shall be returned  or  refunded  to  him
    18  pursuant to this act.
    19    § 4. This act shall take effect immediately.
          FISCAL NOTE.--  Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 4 status in the New York State and Local
        Employees' Retirement System to Luke Parga,  a  current  Tier  5  member
        employed by the State of New York, by changing his date of membership to
        February 8, 2006. There will be no refund of member contributions.
          If this legislation is enacted during the 2016 legislative session, we
        anticipate that there will be an increase of approximately $1,300 in the
        annual contributions of the State of New York for the fiscal year ending
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05098-06-6
        S. 7363                             2
        March  31,  2017.  In  future  years, this cost will vary as the billing
        rates and salaries of Luke Parga change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $8,110 which will be
        borne by the State of New York as a one-time payment. This  estimate  is
        based on the assumption that payment will be made on March 1, 2017.
          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 2015
        Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        Annual Report to the Comptroller on Actuarial Assumptions, and the  Code
        Rules and Regulations of the State of New York: Audit and Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2015
        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 March 17, 2016, and intended for use only  during
        the  2016  Legislative Session, is Fiscal Note No.  2016-77, prepared by
        the Actuary for the New York State and Local Retirement System.