STATE OF NEW YORK
________________________________________________________________________
9882
IN ASSEMBLY
May 27, 2014
___________
Introduced by M. of A. ROBERTS -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT granting retroactive tier V membership in the New York state and
local employees' retirement system to John J. Ginestro, III
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, John J. Gines-
2 tro, III, a member of the New York state and local employees' retirement
3 system, who was employed on March 29, 2012, by the county of Onondaga as
4 an electrician, and who filed membership applications in such system on
5 March 29, 2012, which should have given him Tier V status but for
6 reasons not ascribable to his own negligence and due to an administra-
7 tive error, the application was not processed in the usual manner and
8 therefore not processed until April 2, 2012, may be deemed to have
9 become a member of the New York state and local employees' retirement
10 system on March 29, 2012, if on or before December 31, 2014 he shall
11 file an application therefor with the state comptroller. Upon the
12 receipt of such application, John J. Ginestro, III shall be granted
13 Tier V status in the New York state and local employees' retirement
14 system and be eligible for all the rights and benefits thereof. No
15 contributions made to the New York state and local employees' retirement
16 system by John J. Ginestro, III shall be returned to him pursuant to
17 this act.
18 § 2. Any past service costs incurred in implementing the provisions of
19 this act shall be borne by the county of Onondaga.
20 § 3. This act shall take effect immediately.
FISCAL NOTE.--This bill will deem John Ginestro to have become a
member of the New York State and Local Employees' Retirement System on
March 29, 2012, his first date of employment with Onondaga County,
thereby granting him Tier 5 Status. No member contributions will be
refunded.
If this bill is enacted, we anticipate that there will be an increase
of approximately $4,350 in the annual contributions of Onondaga County
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15254-02-4
A. 9882 2
for the fiscal year ending March 31, 2015. In future years, this cost
will vary as the billing rates and salary John Ginestro change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $9,880 which will be
borne by Onondaga County as a one-time payment. This estimate is based
on the assumption that payment will be made on February 1, 2015.
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, 2013 actuarial valu-
ation. Distributions and other statistics can be found in the 2013
Report of the Actuary and the 2013 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013 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, 2013
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 19, 2014, and intended for use only during
the 2014 Legislative Session, is Fiscal Note No. 2014-135, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.
