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S04756 Summary:

S04756 Actions:

S04756 Committee Votes:

S04756 Floor Votes:

S04756 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 4756                                                  A. 6942
 
                               2015-2016 Regular Sessions
 
                SENATE - ASSEMBLY
 
                                     April 15, 2015
                                       ___________
 
        IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Civil Service
          and Pensions
 
        IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred
          to the Committee on Governmental Employees
 
        AN  ACT  granting  retroactive membership with tier IV status in the New
          York state and local employees' retirement system to Jessica Strizzi
 
          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, Jessica
     2  Strizzi, a member of the New York state and local employees'  retirement
     3  system,  who  is  currently  a  student  assistant at the New York state
     4  department of health beginning June 18, 2014,  and  who  was  previously
     5  employed  on  June  28,  2007 by the village of Green Island as a recre-
     6  ational assistant, and who filed membership applications in such  system
     7  on  June  28,  2007  which  should have given her Tier IV status but for
     8  reasons not ascribable to her own negligence and due to  an  administra-
     9  tive  error,  the  application was not processed in the usual manner and
    10  therefore not processed until July 9, 2012 may be deemed to have  become
    11  a member of the New York state and local employees' retirement system on
    12  June  28,  2007,  if  on  or  before December 31, 2015 she shall file an
    13  application therefor with the state comptroller.  Upon  the  receipt  of
    14  such application, Jessica Strizzi shall be granted Tier IV status in the
    15  New  York  state  and local employees' retirement system and be eligible
    16  for all the rights and benefits thereof. No contributions  made  to  the
    17  New York state and local employees' retirement system by Jessica Strizzi
    18  shall be returned to her pursuant to this act.
    19    § 2. Any past service costs incurred in implementing the provisions of
    20  this act shall be borne by the village of Green Island.
    21    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09814-02-5
        S. 4756                             2                            A. 6942
 
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  Jessica  Strizzi, an employee of the New York
        state department of health and a former employee of the Village of Green
        Island, to receive a retroactive date of  membership  in  the  New  York
        State  and Local Employees' Retirement System, thereby making her a Tier
        4 member.
          If this bill is enacted, we anticipate that there will be an  increase
        of  approximately  $760 in annual contributions of the State of New York
        for the fiscal year ending March 31, 2016. In future  years,  this  cost
        will vary as her billing rate and salary change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost  of approximately $810 which would 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,
        2016.
          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, 2014  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2014
        Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2010,
        2011, 2012, 2013 and 2014 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, 2014
        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 March 27, 2015, and intended for use only during
        the 2015 Legislative Session, is Fiscal Note No.  2015-91,  prepared  by
        the  Actuary  for  the  New  York  State and Local Employees' Retirement
        System.