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S04295 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4295
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     March 11, 2015
                                       ___________
 
        Introduced by Sen. PANEPINTO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN  ACT  in relation to allowing Charles McDonough to file a request for
          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,  Charles  McDo-
     2  nough,  who  has been employed by the Town of Grand Island since October
     3  29, 1979, who is a Tier III member of  the  New  York  state  and  local
     4  employees'  retirement  system,  and  who  was employed by the office of
     5  parks, recreation and historic preservation at the Beaver  Island  state
     6  park  in  Erie  County for the period beginning June 24, 1975 and ending
     7  November 1975; and who, for reasons not ascribable  to  his  own  negli-
     8  gence,  did  not become a member of the New York state and local employ-
     9  ees' retirement system at the time of his hiring,  shall  be  deemed  to
    10  have become a member of such system as of June 24, 1975 entitling him to
    11  Tier  II status with every right, benefit and privilege which would have
    12  been available to him on such date if, within one year of the  effective
    13  date  of  this  act, he shall file a written request to that effect with
    14  the state comptroller. Upon the granting of such retroactive membership,
    15  Charles McDonough shall be granted a refund  of  any  employee  contrib-
    16  utions made by him to the New York state and local employees' retirement
    17  system.
    18    § 2. All past service costs associated with the implementation of this
    19  act shall be borne by the state of New York.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 2 status in the New York State and Local
        Employees' Retirement System to Charles  McDonough,  a  current  Tier  3
        member  employed  by  the  town of Grand Island, by changing his date of
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09462-03-5

        S. 4295                             2
 
        membership to June 24, 1975, his  first  date  of  employment  with  the
        office  of  parks,  recreation  and  historic preservation at the Beaver
        Island State park in Erie County. There  will  be  a  refund  of  member
        contributions.
          If this legislation is enacted during the 2015 legislative session, we
        anticipate that there will be an increase of approximately $2,740 in the
        annual  contributions  of  the  town of Grand Island for the fiscal year
        ending March 31, 2016. In future years, this cost will vary as the bill-
        ing rates and salary of Charles McDonough change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $103,000 which  will  be
        borne  by the State of New York. The estimate is based on the assumption
        that payment will be made on March 1, 2016.
          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, 2014 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2014
        Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012, 2013 and 2014 Annual Report to the Comptroller on Actuarial
        Assumptions, 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, 2014
        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 3, 2015, and intended for use  only  during
        the 2015 Legislative Session, is Fiscal Note No. 2015-78 prepared by the
        Actuary for the New York State and Local Employees' Retirement System.
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