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A03160 Summary:

A03160 Actions:

A03160 Committee Votes:

A03160 Floor Votes:

A03160 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3160--A
                                                                Cal. No. 143
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 22, 2015
                                       ___________
 
        Introduced by M. of A. CROUCH -- read once and referred to the Committee
          on  Governmental Employees -- advanced to a third reading, amended and
          ordered reprinted, retaining its place on the order of third reading
 
        AN ACT in relation to granting Luke Parga tier IV status in the New York
          state and local employees' retirement system with a membership date of
          2006
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Notwithstanding any other law to the contrary, Luke Parga
     2  who is currently a tier V member of the New York state and local employ-
     3  ees' retirement system and  currently  employed  by  the  department  of
     4  transportation, and who was employed by the state university of New York
     5  at  Potsdam  Police  and  Binghamton  University  in  2006, and who, for
     6  reasons not ascribable to his own negligence, failed to become a  member
     7  of  the  New  York state and local employees' retirement system in 2006,
     8  shall be deemed to have been a  member  of  such  retirement  system  on
     9  February  8,  2006,  having tier IV status with every right, benefit and
    10  privilege which would have been available to him on such date if, on  or
    11  before December 31 next succeeding the date on which this act shall have
    12  become a law, he shall file an application therefor with the state comp-
    13  troller.
    14    § 2. All past service costs of implementing the provisions of this act
    15  shall be borne by the state of New York.
    16    §  3. No contributions made to the New York state and local employees'
    17  retirement system by Luke Parga shall be returned  or  refunded  to  him
    18  pursuant to this act.
    19    § 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 Luke Parga,  a  current  Tier  5  member
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05098-05-6
        A. 3160--A                          2
 
        employed by the State of New York, by changing his date of membership to
        February 8, 2006. There will be no refund of member contributions.
          If this legislation is enacted during the 2016 legislative session, we
        anticipate that there will be an increase of approximately $1,300 in the
        annual contributions of the State of New York for the fiscal year ending
        March  31,  2017.  In  future  years, this cost will vary as the billing
        rates and salaries of Luke Parga change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately  $8,110  which  will  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, 2017.
          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  2015
        Report  of  the  Actuary  and  the  2015  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2015
        Annual  Report to the Comptroller on Actuarial Assumptions, and the Code
        Rules and Regulations of the State of New York: Audit and Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2015
        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 March 17, 2016, and intended for use only during
        the 2016 Legislative Session, is Fiscal Note No.   2016-77, prepared  by
        the Actuary for the New York State and Local Retirement System.