STATE OF NEW YORK
________________________________________________________________________
4193--A
2013-2014 Regular Sessions
IN SENATE
March 13, 2013
___________
Introduced by Sen. GRISANTI -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT in relation to allowing Malcolm Cully to file a request for Tier
II status in the New York state and local employees' retirement system
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, Malcolm Cully,
2 who is a member of the New York state and local employees' retirement
3 system, and who was employed by the Buffalo City School district in Erie
4 County for the period beginning July 1973 and ending September 1973, and
5 who for reasons not ascribable to his own negligence did not become a
6 member of the New York state and local employees' retirement system at
7 the time of his hiring and who is currently a Tier III member of the New
8 York state and local employees' retirement system shall be deemed to
9 have become a member of such system as of July 1, 1973 entitling him to
10 Tier II status with every right, benefit and privilege which would have
11 been available to him on such date if, within one year of the effective
12 date of this act, he shall file a written request to that effect with
13 the state comptroller. Upon the granting of such retroactive membership,
14 Malcolm Cully shall be granted a refund of any employee contributions
15 made by him to the New York state and local retirement system.
16 § 2. All past service costs associated with the implementation of this
17 act shall be borne by the state of New York.
18 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will deem Malcolm Cully, currently a Tier 3 member of the
New York State and Local Employees' Retirement System, to have first
become a member of the Retirement System on July 1, 1973, thereby making
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09629-03-3
S. 4193--A 2
him a Tier 2 member. There will be a refund of Tier 3 member contrib-
utions.
If this bill is enacted, we anticipate that there will be an increase
of approximately $10,700 in the annual contributions of the State of New
York for the fiscal year ending March 31, 2015.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $340,000 which would be
borne by the State of New York as a one-time payment. This estimate is
based on the assumption that payment will be made on March 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 October 29, 2013 and intended for use only during
the 2014 Legislative Session, is Fiscal Note No. 2014-28, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.
