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S06449 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6449
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                      May 22, 2017
                                       ___________
 
        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT granting retroactive Tier IV membership in the New York state and
          local employees' retirement system to Brian Stebbins
 
          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, Brian Stebbins,
     2  a  member  of the New York state and local employees' retirement system,
     3  who was employed on August 1, 2003, by the village of Green Island,  and
     4  who  filed  a  membership  application in such system on August 1, 2003,
     5  which should have given him Tier IV status but for reasons not  ascriba-
     6  ble to his own negligence and due to an administrative error, the appli-
     7  cation was not processed in the usual manner and therefore not processed
     8  until  March  15, 2012, may be deemed to have become a member of the New
     9  York state and local employees' retirement system on August 1, 2003,  if
    10  on  or  before  December  31, 2017 he shall file an application therefor
    11  with the state comptroller. Upon the receipt of such application,  Brian
    12  Stebbins shall be granted Tier IV status in the New York state and local
    13  employees'  retirement  system  and  be  eligible for all the rights and
    14  benefits thereof. No contributions made to the New York state and  local
    15  employees'  retirement system by Brian Stebbins shall be returned to him
    16  pursuant to this act.
    17    § 2. Any past service costs incurred in implementing the provisions of
    18  this act shall be borne by the village of Green Island.
    19    § 3. This act shall take effect immediately.
          FISCAL NOTE.--This bill will grant Tier 4 status in the New York State
        and Local Employees' Retirement System to Brian M. Stebbins,  a  current
        Tier 5 member employed by the State of New York, by changing his date of
        membership  to  August  1,  2003,  the first date he was employed by the
        Village of Green Island.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11757-02-7

        S. 6449                             2
 
          If this legislation is enacted during the 2017 legislative session, we
        anticipate that there will be an increase of approximately $2,000 in the
        annual contributions of the State of New York for the fiscal year ending
        March 31, 2018. In future years, this cost  will  vary  as  the  billing
        rates and salary of Brian M. Stebbins change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $11,000 which will be
        borne by the Village of Green Island as a one-time payment.  This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2018.
          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, 2016  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2016
        Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        and 2016 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, 2016
        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  May 16, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No. 2017-100,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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