•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

S06730 Summary:

BILL NOS06730A
 
SAME ASSAME AS A08411-A
 
SPONSORLANZA
 
COSPNSR
 
MLTSPNSR
 
 
Grants retroactive membership in the New York state and local employees' retirement system to Joseph J. Maltese, including a refund of contributions.
Go to top

S06730 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6730--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                      June 15, 2017
                                       ___________
 
        Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules  --  recommitted  to
          the  Committee on Civil Service and Pensions in accordance with Senate
          Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee

        AN  ACT  granting retroactive membership in the New York state and local
          employees' retirement system to Joseph J. Maltese
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Notwithstanding  any other law to the contrary, Joseph J.
     2  Maltese, who was employed as a full-time employee with the New York city
     3  civil court from February 2, 1970 through September 4, 1970, and who was
     4  later employed as a full-time employee with the New York state office of
     5  the attorney general from June 7, 1971 through September  3,  1971,  and
     6  who  is  currently  a  full-time  employee of the New York state unified
     7  court system, and who is a Tier II member of  the  New  York  state  and
     8  local  employees' retirement system, and who through no fault of his own
     9  did not become a member of  the  New  York  city  employees'  retirement
    10  system  on  February  2,  1970  when first employed by the New York city
    11  civil court, and who through no fault of  his  own,  did  not  become  a
    12  member  of  the New York state and local employees' retirement system on
    13  July 7, 1971 when first employed by the New York  state  office  of  the
    14  attorney  general  shall be deemed to have a date of membership with the
    15  New York state and local employees' retirement  system  of  February  2,
    16  1970,  if,  within  one year of the effective date of this act, he shall
    17  file an application therefore  with  the  state  comptroller.  Upon  the
    18  receipt  of  such application, Joseph J. Maltese shall be granted Tier I
    19  status in the New York state and local employees' retirement system  and
    20  be  eligible  for all the rights and benefits thereof. Any contributions
    21  made to the New York city employees' retirement system or the  New  York
    22  state  and  local  employees'  retirement  system  by Joseph J. Maltese,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13100-03-8

        S. 6730--A                          2
 
     1  together with interest, shall be returned or refunded to him pursuant to
     2  this act.
     3    § 2. Any past service costs associated with the implementation of this
     4  act shall be borne by the New York state unified court system.
     5    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 1 status to Joseph J. Maltese, a current
        Tier 2 member employed by the New York State unified  court  system,  by
        changing  his  date of membership to February 2, 1970, his first date of
        employment with the New York City civil court. There will be a refund of
        member contributions with interest.
          If this legislation is enacted during the 2018 legislative session, we
        anticipate that there will be an increase of approximately $4,300 in the
        annual contributions of the New York State unified court system for  the
        fiscal  year ending March 31, 2019. In future years, this cost will vary
        as the billing rate and salary of Joseph Maltese change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $110,000 which  will  be
        borne by the New York State unified court system as a one-time payment.
          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  January  25,  2018,  and intended for use only
        during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-48,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.
Go to top