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S01577 Summary:

S01577 Actions:

S01577 Committee Votes:

S01577 Floor Votes:

S01577 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1577
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    January 15, 2019
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT granting retroactive membership in the New York state  and  local
          employees' retirement system to Adam Markel
 
          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, Adam Markel,
     2  who was employed as a part-time employee with the  state  university  of
     3  New  York  at Buffalo with a start date of September 5, 2006 until April
     4  14, 2009, and who is currently a member of the New York state and  local
     5  police  and  fire retirement system, who through no fault of his own did
     6  not become a member of the New York state and local  employees'  retire-
     7  ment  system  on  September  5,  2006  when  first employed by the state
     8  university at Buffalo shall be deemed to have been a member of  the  New
     9  York  state and local employees' retirement system on such date and such
    10  service credit shall be transferred to the  New  York  state  and  local
    11  police and fire retirement system, provided that an application is filed
    12  with the head of the New York state and local police and fire retirement
    13  system within one year from the effective date of this act.
    14    §  2. No contributions made to the New York state and local police and
    15  fire retirement system by Adam Markel shall be returned or  refunded  to
    16  him pursuant to this act.
    17    § 3. All past service costs associated with the implementation of this
    18  act shall be borne by the state university of New York at Buffalo.
    19    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 2 status in the New York State and Local
        Police and Fire Retirement System to  Adam  Markel,  a  current  Tier  5
        member  employed by the City of Buffalo, by changing his date of member-
        ship to September 5, 2006, his first date of employment with  the  State

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02966-02-9
        S. 1577                             2
 
        University  of  New  York  at Buffalo. There will be no refund of member
        contributions.
          If this bill is enacted during the 2019 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $3,800 in the
        annual contributions of the City of Buffalo for the fiscal  year  ending
        March  31,  2020.  In  future  years, this cost will vary as the billing
        rates and salary of Adam Markel change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $11,900  which  will  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, 2020.
          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, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgement of an attorney.
          This estimate, dated January 8, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-7, prepared by the
        Actuary for the New York State and Local Retirement System.