Authorizes Patricia Gill-Davanzo Tier IV status in the New York state and local employees' retirement system; states past costs shall be borne by the North Babylon Union Free School District.
STATE OF NEW YORK
________________________________________________________________________
2944
2017-2018 Regular Sessions
IN SENATE
January 18, 2017
___________
Introduced by Sen. BOYLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize Patricia Gill-Davanzo Tier IV status in the New York
state and local employees' retirement system
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, Patricia Gill-
2 Davanzo, a member of the New York State and Local Employees' Retirement
3 System (NYSERS) with Tier V status, who was employed by the North Baby-
4 lon Union Free School District on June 16, 1993 and who for reasons not
5 ascribable to her own negligence was not offered membership in the New
6 York State and Local Employees' Retirement System on June 16, 1993 as a
7 Tier IV member, shall, upon application filed with the state comptroller
8 on or before December 31, 2017, be reclassified as a Tier IV member with
9 June 16, 1993 as her date of membership and shall be entitled to every
10 right, benefit and privilege which would have been available to her in
11 accordance with Tier IV status.
12 § 2. No contributions made to the New York state and local employees'
13 retirement system by Patricia Gill-Davanzo shall be returned or refunded
14 to her pursuant to this act.
15 § 3. All past service costs associated with the implementation of this
16 act shall be borne by the North Babylon Union Free School District.
17 § 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 Patricia Gill-Davanzo, a current Tier 5
member employed by the North Babylon Union Free School District, by
changing her date of membership to June 16, 1993. There will be no
refund of member contributions.
If this legislation is enacted during the 2017 legislative session, we
anticipate that there will be an increase of approximately $1,700 in the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05500-02-7
S. 2944 2
annual contributions of the North Babylon Union Free School District for
the fiscal year ending March 31, 2018. In future years, this cost will
vary as the billing rates and salary of Patricia Gill-Davanzo change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $17,800 which will be
borne by the North Babylon Union Free School District as one-time
payment. This estimate 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 January 12, 2017 and intended for use only during
the 2017 Legislative Session, is Fiscal Note No. 2017-8, prepared by the
Actuary for the New York State and Local Retirement System.