Bill Text: NY S07822 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes George Amendola Tier II status in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-02-28 - REFERRED TO CIVIL SERVICE AND PENSIONS [S07822 Detail]

Download: New_York-2017-S07822-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7822
                    IN SENATE
                                    February 28, 2018
                                       ___________
        Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to authorize George A. Amendola Tier II status in  the  New  York
          state and local employees' retirement system
          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,  George  A.
     2  Amendola, who was first eligible to join the public retirement system as
     3  of  September  20, 1974 and who was employed by the Niagara Falls school
     4  district from September 20, 1974 to June 2, 1978 and who for reasons not
     5  ascribable to his own negligence was not  afforded  the  opportunity  to
     6  join the New York state and local employees' retirement system with Tier
     7  II status, shall be deemed to have become a member of the New York state
     8  and  local  employees'  retirement  system as of September 20, 1974; and
     9  shall have Tier II status, if, no later than one year after  the  effec-
    10  tive  date  of  this  act he shall file a written request with the state
    11  comptroller; and upon receipt of such application, the comptroller shall
    12  recalculate George Amendola's retirement  benefits  and  thereafter  pay
    13  such benefits accordingly as if he shall have been deemed to have joined
    14  such retirement system on September 20, 1974.
    15    §  2. No contributions made to the New York state and local employees'
    16  retirement system shall be returned or refunded to  George  A.  Amendola
    17  pursuant to this act.
    18    § 3. All past service costs associated with the implementation of this
    19  act shall be borne by the Niagara Falls school district.
    20    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant Tier 2 status to George A. Amendola, a retired
        Tier 4 member of the New York  State  and  Local  Employees'  Retirement
        System,  by  changing  his date of membership to September 20, 1974, his
        first date of employment with the Niagara  Falls  school  district.  The
        retirement  benefit will be recalculated and payment will be made retro-
        active to his date of retirement. There will  be  no  refund  of  member
        contributions.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14790-03-8
        S. 7822                             2
          If  this  legislation  is enacted during the 2018 legislative session,
        there will be an immediate past service cost  of  approximately  $25,700
        which  will  be borne by the Niagara Falls school district as a one-time
        payment.  This cost is based on the assumption that payment will be made
        on February 1, 2019.
          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, 2017  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2017
        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,  2018, and intended for use only
        during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-63,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.