Bill Text: NY S07465 | 2013-2014 | General Assembly | Amended
Bill Title: Grants Andrew M. Eszak full time service credit in the New York state and local employees' retirement system for his employment with the city of Lackawanna, county of Erie.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-05-29 - PRINT NUMBER 7465A [S07465 Detail]
Download: New_York-2013-S07465-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7465--A
I N S E N A T E
May 15, 2014
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT in relation to granting Andrew M. Eszak full time service credit
in the New York state and local employees' retirement system for his
employment with the city of Lackawanna, county of Erie
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, Andrew M.
2 Eszak, who is a member of the New York state and local employees'
3 retirement system, and who, for the period beginning August 23, 1994 and
4 ending December 31, 1999 was employed by the city of Lackawanna, county
5 of Erie, and who, for reasons not ascribable to his own negligence, was
6 credited with part-time service in such retirement system for such peri-
7 od rather than for full time service, shall be granted full time service
8 credit in the New York state and local employees' retirement system for
9 his employment with the city of Lackawanna for the period beginning
10 August 23, 1994 and ending December 31, 1999 if, on or before December
11 31, 2014, he shall file a written request to that effect with the state
12 comptroller.
13 S 2. All past service costs associated with the implementation of this
14 act shall be borne by the city of Lackawanna.
15 S 3. This act shall take effect immediately.
16 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
17 This bill will grant retiree Andrew M. Eszak full time service in the
18 New York State and Local Employees' Retirement System for employment by
19 the City of Lackawanna for the period August 23, 1994 through December
20 31, 1999.
21 If this bill is enacted, we anticipate that there will be a past
22 service cost of approximately $92,100 which will be borne by the City of
23 Lackawanna as a one time payment. This estimate assumes a payment date
24 of February 1, 2015.
25 Summary of relevant resources:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15212-02-4
S. 7465--A 2
1 The membership data used in measuring the impact of the proposed
2 change was the same as that used in the March 31, 2013 actuarial valu-
3 ation. Distributions and other statistics can be found in the 2013
4 Report of the Actuary and the 2013 Comprehensive Annual Financial
5 Report.
6 The actuarial assumptions and methods used are described in the 2010,
7 2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial
8 Assumptions, and the Codes Rules and Regulations of the State of New
9 York: Audit and Control.
10 The Market Assets and GASB Disclosures are found in the March 31, 2013
11 New York State and Local Retirement System Financial Statements and
12 Supplementary Information.
13 I am a member of the American Academy of Actuaries and meet the Quali-
14 fication Standards to render the actuarial opinion contained herein.
15 This estimate, dated May 28, 2014, and intended for use only during
16 the 2014 Legislative Session, is Fiscal Note No. 2014-140, prepared by
17 the Actuary for the New York State and Local Employees' Retirement
18 System.
