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S06448 Summary:

S06448 Actions:

S06448 Committee Votes:

S06448 Floor Votes:

S06448 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6448--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                      May 22, 2017
                                       ___________
 
        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and recommitted to said committee
 
        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  employed  by  the office of the state comp-
     4  troller, and who was previously employed on June 28, 2007 by the village
     5  of Green Island as a recreational assistant, and  who  filed  membership
     6  applications in such system on June 28, 2007 which should have given her
     7  Tier  IV status but for reasons not ascribable to her own negligence and
     8  due to an administrative error, the application was not processed in the
     9  usual manner and therefore not processed  until  July  9,  2012  may  be
    10  deemed  to  have become a member of the New York state and local employ-
    11  ees' retirement system on June 28, 2007, if on or  before  December  31,
    12  2017  she shall file an application therefor with the state comptroller.
    13  Upon the receipt of such application, Jessica Strizzi shall  be  granted
    14  Tier  IV  status  in  the New York state and local employees' retirement
    15  system and be eligible for all  the  rights  and  benefits  thereof.  No
    16  contributions made to the New York state and local employees' retirement
    17  system by Jessica Strizzi shall be returned to her pursuant to this act.
    18    § 2. Any past service costs incurred in implementing the provisions of
    19  this act shall be borne by the village of Green Island.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  Jessica  Strizzi, an employee of the New York
        State Office of the State Comptroller  and  a  former  employee  of  the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11758-06-7
        S. 6448--A                          2
 
        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 $2,900 in annual contributions of the State of New York
        for the fiscal year ending March 31, 2018. 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 $5,390 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,
        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 25, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No. 2017-110,  prepared  by
        the Actuary for the New York State and Local Retirement System.