STATE OF NEW YORK
________________________________________________________________________
5869
2017-2018 Regular Sessions
IN SENATE
May 4, 2017
___________
Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and
when printed to be committed to the Committee on Civil Service and
Pensions
AN ACT granting retroactive tier IV membership in the New York state and
local employees' retirement system to Donald R. Linde
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 to the contrary,
2 Donald R. Linde, a member of the New York state and local employees'
3 retirement system who is currently employed by the Department of Taxa-
4 tion and Finance, who on September 3, 2009 commenced part time employ-
5 ment with the State University of New York at Buffalo, and who became a
6 member of such retirement system on February 11, 2010, and who, for
7 reasons not ascribable to his own negligence, failed to become a member
8 of the New York state and local employees' retirement system on Septem-
9 ber 3, 2009, shall be deemed to have joined such retirement system on
10 September 3, 2009, the commencement of his employment with the State
11 University of New York at Buffalo, if within one year of the effective
12 date of this act he shall file an application therefor with the state
13 comptroller. Upon receipt of such application, Donald R. Linde shall be
14 deemed to have joined the New York state and local employees' retirement
15 system during 2009.
16 § 2. All past service costs of implementing the provisions of this act
17 shall be borne by the State University of New York at Buffalo, and there
18 shall be no refund of member contributions to Donald R. Linde.
19 § 3. 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 Donald R. Linde, a current Tier 5 member
employed by the NYS Department of Tax and Finance, by changing his date
of membership to September 3, 2009, his first date of employment with
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09969-03-7
S. 5869 2
the State University of New York at Buffalo. There will be no refund of
member contributions.
If this legislation is enacted during the 2017 legislative session, we
anticipate that there will be an increase of approximately $1,500 in the
annual contributions of the State of New York for the fiscal year ending
March 31, 2018. In future years, this cost will vary as the billing
rates and salary of Donald R. Linde change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $12,300 which would be
borne by the State University of New York at Buffalo 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 April 25, 2017, and intended for use only during
the 2017 Legislative Session, is Fiscal Note No. 2017-84, prepared by
the Actuary for the New York State and Local Retirement System.