New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

S04557 Summary:

S04557 Actions:

S04557 Committee Votes:

S04557 Floor Votes:

S04557 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4557
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     March 27, 2015
                                       ___________
 
        Introduced  by  Sen.  MURPHY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT in relation to allowing AnnMarie Milano to  file  a  request  for
          Tier  IV  status in the New York state and local employees' retirement
          system with the state comptroller
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Notwithstanding any other provisions of law, AnnMarie Mila-
     2  no,  a  member  of  the  New  York state and local employees' retirement
     3  system employed by the town of  Southeast  in  Putnam  county,  who  was
     4  employed by the tax department in the town of Southeast in Putnam county
     5  beginning in August 1998, and who, for reasons not ascribable to her own
     6  negligence,  failed  to  become a member of the New York state and local
     7  employees' retirement system while so employed by the tax department  in
     8  the town of Southeast, shall be deemed to have joined the New York state
     9  and  local  employees' retirement system in August 1998, if on or before
    10  December 31, 2015 she shall file an application therefor with the  state
    11  comptroller. Upon the receipt of such application, AnnMarie Milano shall
    12  be  granted  Tier  IV  status in the New York state and local employees'
    13  retirement system and be eligible for all the rights and benefits there-
    14  of.
    15    § 2. No contributions made to the New York state and local  employees'
    16  retirement  system  by AnnMarie Milano shall be returned to her pursuant
    17  to this act.
    18    § 3. All past costs of implementing the provisions of this  act  shall
    19  be borne by the town of Southeast in Putnam county.
    20    § 4. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 4 status in the New York State and Local
        Employees' Retirement System  to  AnnMarie  Milano,  a  current  Tier  6
        member, by changing her date of membership to August 31, 1998, her first
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08218-02-5
        S. 4557                             2
 
        date  of  employment  with the town of Southeast in Putnam County. There
        will be no refund of member contributions.
          If this legislation is enacted during the 2015 legislative session, we
        anticipate that there will be an increase of approximately $1,150 in the
        annual  contributions  of the town of Southeast in Putnam County for the
        fiscal year ending March 31, 2016. In future years, this cost will  vary
        as the billing rates and salary of AnnMarie Milano change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $4,450 which will be
        borne by the town of Southeast in Putnam County. This estimate is  based
        on the assumption that payment will be made on February 1, 2016.
          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, 2014  actuarial  valu-
        ation.  Distributions  and  other  statistics  can  be found in the 2014
        Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2010,
        2011, 2012, 2013 and 2014 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, 2014
        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 February 5, 2015 and intended for use only during
        the  2015  Legislative  Session, is Fiscal Note No. 2015-54, prepared by
        the Actuary for the New  York  State  and  Local  Employees'  Retirement
        System.