STATE OF NEW YORK
________________________________________________________________________
5288--A
2017-2018 Regular Sessions
IN ASSEMBLY
February 7, 2017
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Introduced by M. of A. RAIA, McDONOUGH -- read once and referred to the
Committee on Governmental Employees -- recommitted to the Committee on
Governmental Employees in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT authorizing the beneficiary of Robert Carballeira to receive an
enhanced pension benefit on his behalf
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding section 101 of the retirement and social
2 security law, the beneficiary of Robert Carballeira, who was a member of
3 the New York state and local employees' retirement system and employed
4 by the county of Suffolk, now deceased, shall be entitled to a benefit
5 based on the total service credit to which he was entitled at the time
6 of his earlier retirement on August 30, 1997 including all credit
7 received pursuant to chapter 41 of the laws of 1997, in addition with
8 all member service credit earned by him subsequent to his last restora-
9 tion to membership on March 1, 2003, if, within one year of the effec-
10 tive date of this act, such beneficiary shall file an application there-
11 for with the state comptroller. Such total service credit to which he
12 was entitled at the time of his earlier retirement shall be so credited
13 without requiring such member to return to the retirement system with
14 regular interest the actuarial equivalent of the amount of the retire-
15 ment allowance he received, and the actuarial equivalent thereof shall
16 not be deducted from his subsequent retirement allowance. Such benefit
17 will be recalculated as of January 15, 2008. In addition to the recal-
18 culated benefit that the beneficiary will receive for her lifetime,
19 retroactive to the pensioner's date of death, the beneficiary will
20 receive a retroactive payment based on the difference between the recal-
21 culated benefit and the benefit which was paid to Robert Carballeira
22 prior to his death.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06908-04-8
A. 5288--A 2
1 § 2. All past service costs of implementing the provisions of this act
2 shall be borne by the county of Suffolk.
3 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would authorize the beneficiary of Robert Carballeira to
receive an enhanced pension benefit. Mr. Carballeira retired August 30,
1997 under the retirement incentive authorized by chapter 41 of the laws
of 1997. He restored to membership in 2003 and subsequently retired on
January 15, 2008. This bill would provide an enhanced pension based on
all service credit earned, including the retirement incentive credit,
without requiring that the retirement allowance that was paid to be
returned to the retirement system.
If this bill is enacted, there will be an immediate past service cost
of approximately $415,000 which will be borne by Suffolk County as a
one-time payment. This estimate is based on the assumption that payment
will be made on February 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 February 2, 2018, and intended for use only
during the 2018 Legislative Session, is Fiscal Note No. 2018-43,
prepared by the Actuary for the New York State and Local Retirement
System.
