BILL NO A06835
SAME AS No same as
SPONSOR Tenney
COSPNSR
MLTSPNSR
Authorizes James W. McCarthy Tier I status in the New York state and local
employees' retirement system.
BILL NUMBER:A6835
TITLE OF BILL: An act to authorize James W. McCarthy Tier I status in
the New York state and local employees' retirement system
PURPOSE OR GENERAL IDEA OF BILL: relates to authorizing James W.
McCarthy Tier I status in the New York state and local employees'
retirement system.
SUMMARY OF SPECIFIC PROVISIONS: Section 1 contains the information on
Mr. James W. McCarthy's eligibility to be deemed to have become a
member of the New York state and local employees' retirement system as
of May 1, 1968; and shall have Tier I status, if on or before December
31, 2013 he shall file a written request with the state comptroller.
Section 2 states that all costs attributable to the implementation of
this act shall be borne by New York state.
Section 3 contains the effective date.
JUSTIFICATION: At the request of Mr. McCarthy, who was first eligible
to join the public retirement system as of May 1, 1968 and who was
employed by the Power Authority of the state of New York from May 1,
1968 to August 31, 1980 and who for reasons not ascribable to his own
negligence was not afforded the opportunity to join the New York state
and local employees' retirement system with Tier I status.
PRIOR LEGISLATIVE HISTORY: New bill.
FISCAL IMPLICATIONS: Please see fiscal note.
EFFECTIVE DATE: This act shall take effect immediately.
S T A T E O F N E W Y O R K
________________________________________________________________________
6835
2013-2014 Regular Sessions
I N A S S E M B L Y
April 19, 2013
___________
Introduced by M. of A. TENNEY -- read once and referred to the Committee
on Governmental Employees
AN ACT to authorize James W. McCarthy Tier I 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, James W.
2 McCarthy, who was first eligible to join the public retirement system as
3 of May 1, 1968 and who was employed by the Power Authority of the state
4 of New York from May 1, 1968 to August 31, 1968, May 1, 1969 to August
5 31, 1969 and May 1, 1970 to August 31, 1970 and who for reasons not
6 ascribable to his own negligence was not afforded the opportunity to
7 join the New York state and local employees' retirement system with Tier
8 I status, shall be deemed to have become a member of the New York state
9 and local employees' retirement system as of May 1, 1968; and shall have
10 Tier I status, if, on or before December 31, 2013 he shall file a writ-
11 ten request with the state comptroller.
12 S 2. All costs attributable to the implementation of this act shall be
13 borne by New York state.
14 S 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will deem James W. McCarthy, an employee of the New York
State Office of Court Administration, to have become a member of the New
York State and Local Employees' Retirement System on May 1, 1968, his
first date of employment with the New York State Power Authority, there-
by granting him Tier 1 status. All member contributions will be
refunded.
If this bill is enacted, we anticipate that there will be an increase
of approximately $13,000 in the annual contributions of New York State
for the fiscal year ending March 31, 2014.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05727-02-3
A. 6835 2
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $218,000 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, 2014.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 Actuarial Valuations report.
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 12, 2013 and intended for use only
during the 2013 Legislative Session, is Fiscal Note No. 2013-83,
prepared by the Actuary for the New York State and Local Employees'
Retirement System.
