STATE OF NEW YORK
________________________________________________________________________
6697--B
2017-2018 Regular Sessions
IN SENATE
June 13, 2017
___________
Introduced by Sen. JACOBS -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- recommitted to
the Committee on Civil Service and Pensions in accordance with Senate
Rule 6, sec. 8 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT in relation to granting Tier I status in the New York state and
local employees' retirement system to Thomas Amodeo
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, Thomas Amodeo,
2 who was first employed as a Supervisor at the City of Buffalo Department
3 of Special Projects in the administration of the Summer youth program
4 commencing at the start of the summer semester of 1970 and was thereby
5 eligible to participate in the New York state and local employees'
6 retirement system, and who is currently a judge and a member of the New
7 York state and local employees' retirement system, who through no fault
8 of his own did not become a member of the New York state and local
9 employees' retirement system when he was first employed by the City of
10 Buffalo Department of Special Projects in 1970, shall be granted retro-
11 active membership in the New York state and local employees' retirement
12 system with Tier I status, if within one year from the effective date of
13 this act he shall make a written application to that effect, duly
14 executed and filed with such retirement system.
15 § 2. No contributions made to the New York state and local employees'
16 retirement system by Thomas Amodeo shall be returned to him pursuant to
17 this act.
18 § 3. All costs associated with the implementation of this act shall be
19 borne by the state of New York.
20 § 4. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11988-09-8
S. 6697--B 2
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will grant Tier 1 status in the New York State and Local
Employees' Retirement System to Thomas Amodeo, by changing his date of
membership to July 1, 1970, his first date of employment by the city of
Buffalo Department of Special Projects. He currently is a Tier 3 member
employed by the New York State Office of Court Administration. No member
contributions will be refunded to Thomas Amodeo.
If this legislation is enacted during the 2018 legislative session, we
anticipate that there will be an increase of approximately $11,000 in
the annual contributions of New York State for the fiscal year ending
March 31, 2019. In future years, this cost will vary as his billing
rates and salaries change.
In addition to the annual contributions discussed above, we estimate
there will be an immediate past service cost of approximately $181,000
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, 2019.
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, 2017 actuarial valu-
ation. Distributions and other statistics can be found in the 2017
Report of the Actuary and the 2017 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, and 2017 Annual Report to the Comptroller on Actuarial Assump-
tions, 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, 2017
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 June 12, 2018, and intended for use only during
the 2018 Legislative Session, is Fiscal Note No. 2018-123, prepared by
the Actuary for the New York State and Local Retirement System.