STATE OF NEW YORK
________________________________________________________________________
7918
2017-2018 Regular Sessions
IN ASSEMBLY
May 19, 2017
___________
Introduced by M. of A. McDONALD -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT granting retroactive Tier IV membership in the New York state and
local employees' retirement system to Brian Stebbins
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, Brian Stebbins,
2 a member of the New York state and local employees' retirement system,
3 who was employed on August 1, 2003, by the village of Green Island, and
4 who filed a membership application in such system on August 1, 2003,
5 which should have given him Tier IV status but for reasons not ascriba-
6 ble to his own negligence and due to an administrative error, the appli-
7 cation was not processed in the usual manner and therefore not processed
8 until March 15, 2012, may be deemed to have become a member of the New
9 York state and local employees' retirement system on August 1, 2003, if
10 on or before December 31, 2017 he shall file an application therefor
11 with the state comptroller. Upon the receipt of such application, Brian
12 Stebbins shall be granted Tier IV status in the New York state and local
13 employees' retirement system and be eligible for all the rights and
14 benefits thereof. No contributions made to the New York state and local
15 employees' retirement system by Brian Stebbins shall be returned to him
16 pursuant to this act.
17 § 2. Any past service costs incurred in implementing the provisions of
18 this act shall be borne by the village of Green Island.
19 § 3. This act shall take effect immediately.
FISCAL NOTE.--This bill will grant Tier 4 status in the New York State
and Local Employees' Retirement System to Brian M. Stebbins, a current
Tier 5 member employed by the State of New York, by changing his date of
membership to August 1, 2003, the first date he was employed by the
Village of Green Island.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11757-02-7
A. 7918 2
If this legislation is enacted during the 2017 Legislative Session, we
anticipate that there will be an increase of approximately $2,000 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 Brian M. Stebbins change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $11,000 which will be
borne by the Village of Green Island as a one-time payment. This esti-
mate is based on the assumption that payment will be made on February 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 May 16, 2017, and intended for use only during
the 2017 Legislative Session, is Fiscal Note No. 2017-100, prepared by
the Actuary for the New York State and Local Retirement System.
