Relates to granting Jeffrey E. Graham full time service credit in the New York state and local employee's retirement system for his employment with the city of Watertown, county of Jefferson.
STATE OF NEW YORK
________________________________________________________________________
2777
2017-2018 Regular Sessions
IN SENATE
January 17, 2017
___________
Introduced by Sen. RITCHIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT in relation to granting Jeffrey E. Graham full time service cred-
it in the New York state and local employees' retirement system for
his employment with the city of Watertown, county of Jefferson
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, Jeffrey E.
2 Graham, who is a member of the New York state and local employees'
3 retirement system, and who, for the period beginning April 1, 2004 and
4 ending March 31, 2008 was employed by the city of Watertown, county of
5 Jefferson, and who, for reasons not ascribable to his own negligence,
6 was credited with part-time service in such retirement system for such
7 period rather than for full time service, shall be granted full time
8 service credit in the New York state and local employees' retirement
9 system for his employment with the city of Watertown for the period
10 beginning April 1, 2004 and ending March 31, 2008 if, on or before
11 December 31, 2017, he shall file a written request to that effect with
12 the state comptroller.
13 § 2. All past service costs associated with the implementation of this
14 act shall be borne by the city of Watertown.
15 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will provide full time service credit to Jeffrey E. Graham,
a former employee of the city of Watertown, for the period beginning
April 1, 2004 and ending March 31, 2008.
If this bill is enacted, there will be an immediate past service cost
of approximately $15,700 which will be borne by the city of Watertown as
a one-time payment. This estimate is based on the assumption that
payment will be made on February 1, 2018.
Summary of relevant resources:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07091-02-7
S. 2777 2
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 January 12, 2017, and intended for use only
during the 2017 Legislative Session, is Fiscal Not No. 2017-14, prepared
by the Actuary for the New York State and Local Retirement System.