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S06730 Summary:

BILL NOS06730
 
SAME ASSAME AS A08411
 
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.
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S06730 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6730
 
                               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
 
        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,
    23  together with interest, shall be returned or refunded to him pursuant to
    24  this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13100-02-7

        S. 6730                             2
 
     1    § 2. Any past service costs associated with the implementation of this
     2  act shall be borne by the New York state unified court system.
     3    § 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, an employee
        of 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  contrib-
        utions, with interest.
          If this legislation is enacted during the 2017 legislative session, we
        anticipate that there will be an increase of approximately $4,200 in the
        annual  contributions of the New York State unified court system for the
        fiscal year ending March 31, 2018. In future years, this cost will  vary
        as the billing rates and salary of Joseph J. Maltese change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $102,000 which will be
        borne by the New York State unified court system as a one-time  payment.
        This  estimate  is  based on the assumption that payment will be made on
        March 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 June 9, 2017, and intended for  use  only  during
        the  2017  Legislative Session, is Fiscal Note No. 2017-116, prepared by
        the Actuary for the New York State and Local Retirement System.
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