STATE OF NEW YORK
________________________________________________________________________
5451--A
2011-2012 Regular Sessions
IN ASSEMBLY
February 18, 2011
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Introduced by M. of A. RAIA -- read once and referred to the Committee
on Governmental Employees -- recommitted to the Committee on Govern-
mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT authorizing the beneficiary of Robert Carballeira to receive an
enhanced pension benefit on his behalf
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding section 101 of the retirement and social
2 security law, the beneficiary of Robert Carballeira, who was a member of
3 the New York state and local employees' retirement system and employed
4 by the county of Suffolk, now deceased, shall be entitled to a benefit
5 based on the total service credit to which he was entitled at the time
6 of his earlier retirement on August 30, 1997 including all credit
7 received pursuant to chapter 41 of the laws of 1997, in addition with
8 all member service credit earned by him subsequent to his last restora-
9 tion to membership on March 1, 2003, if, on or before December 31, 2012,
10 such beneficiary shall file an application therefor with the state comp-
11 troller. Such total service credit to which he was entitled at the time
12 of his earlier retirement shall be so credited without requiring such
13 member to return to the retirement system with regular interest the
14 actuarial equivalent of the amount of the retirement allowance he
15 received, and the actuarial equivalent thereof shall not be deducted
16 from his subsequent retirement allowance. Such benefit will be recalcu-
17 lated as of January 15, 2008. In addition to the recalculated benefit
18 that the beneficiary will receive for her lifetime, retroactive to the
19 pensioner's date of death, the beneficiary will receive a retroactive
20 payment based on the difference between the recalculated benefit and the
21 benefit which was paid to Robert Carballeira prior to his death.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06600-04-2
A. 5451--A 2
1 § 2. All costs of implementing the provisions of this act shall be
2 borne by the county of Suffolk.
3 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would authorize the beneficiary of Robert Carballeira to
receive an enhanced pension benefit. Mr. Carballeira retired August 30,
1997 under the retirement incentive authorized by chapter 41 of the laws
of 1997. He restored to membership in 2003 and subsequently retired on
January 15, 2008. This bill would provide an enhanced pension based on
all service credit earned, including the retirement incentive credit,
without requiring that the retirement allowance that was paid be
returned to the retirement system.
If this bill is enacted, there will be an immediate past service cost
of approximately $304,000 which will be borne by Suffolk County as a
one-time payment. This estimate is based on the assumption that payment
will be made on February 1, 2013.
Summary of relevant resources:
Data: March 31, 2011 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010 and 2011 Annual Report to the Comp-
troller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2011 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarize in
the 2011 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 January 27, 2012, and intended for use only
during the 2012 Legislative Session, is Fiscal Note No. 2012-71,
prepared by the Actuary for the New York State and Local Employees'
Retirement System.
