Bill Text: NY S08292 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes Jaime Laczko to elect to participate in the optional 25 year retirement plan for forest rangers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-20 - SUBSTITUTED BY A10492 [S08292 Detail]

Download: New_York-2017-S08292-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8292
                    IN SENATE
                                     April 26, 2018
                                       ___________
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to authorize Jaime Laczko to elect to participate in the optional
          twenty-five year retirement plan for forest rangers in the service  of
          the department of environmental conservation
          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, Jaime Laczko, a
     2  member of the New York  state  and  local  police  and  fire  retirement
     3  system,  who is employed by the department of environmental conservation
     4  as a full-time forest ranger I,  who  upon  commencing  such  employment
     5  became  a  member of such retirement system subject to the provisions of
     6  section 375-h of the retirement and social security law, who was  eligi-
     7  ble,  at such time, to elect to join the New York state and local police
     8  and fire retirement system subject  to  the  optional  twenty-five  year
     9  retirement  plan  for forest rangers in the service of the department of
    10  environmental conservation pursuant to section 383-c of  the  retirement
    11  and  social security law, and who, for reasons not ascribable to his own
    12  negligence, failed to elect to  participate  in  such  twenty-five  year
    13  retirement  plan,  shall be deemed to have elected to participate in the
    14  retirement plan, established by section  383-c  of  the  retirement  and
    15  social  security  law,  upon  commencement of his employment as a forest
    16  ranger I, if, within 1 year of the effective date of this act, he  shall
    17  file an application therefor with the state comptroller.
    18    §  2.  All  past  costs associated with implementing the provisions of
    19  this act shall be borne by the state of New  York.  Jaime  Laczko  shall
    20  bear  no  costs  associated with the implementation of the provisions of
    21  this act.
    22    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will deem Jaime Laczko, a Forest  Ranger  currently  covered
        under  an  age 55 retirement plan, to have elected to participate in the
        25 year retirement plan established by Section 383-c of  the  Retirement
        and Social Security Law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15492-02-8
        S. 8292                             2
          If this bill is enacted during the 2018 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $3,900 in the
        annual contributions of the State of New York for the fiscal year ending
        March 31, 2019. In future years, this cost  will  vary  as  the  billing
        rates and salary of Jaime Laczko change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of $102,000 which would be borne by the
        State of New York as one-time payment.  This estimate is  based  on  the
        assumption that payment will be made on March 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 April 25, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No.  2018-93,  prepared  by
        the Actuary for the New York State and Local Retirement System.