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. LBD05098-06-6S. 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.