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S08598 Summary:

S08598 Actions:

S08598 Committee Votes:

S08598 Floor Votes:

S08598 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8598
 
                    IN SENATE
 
                                      May 10, 2018
                                       ___________
 
        Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Civil  Service  and
          Pensions
 
        AN  ACT  granting  retroactive tier III membership in the New York state
          and local employees' retirement system to Steven R. Grice
 
          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, Steven R.
     2  Grice, who is currently a Tier VI member of the New York state and local
     3  employees' retirement system and currently employed  by  the  county  of
     4  Genesee, and who commenced employment with the county of Genesee on June
     5  22,  1981,  and  who,  for reasons not ascribable to his own negligence,
     6  failed to become a member of the New York  state  and  local  employees'
     7  retirement  system in 1981, may be deemed to have become a member of the
     8  New York state and local employees' retirement system on June 22,  1981,
     9  if  within  one  year of the effective date of this act he shall file an
    10  application therefor with the state comptroller. Upon  receipt  of  such
    11  application, Steven R. Grice shall be granted Tier III status in the New
    12  York  state  and  local employees' retirement system and be eligible for
    13  all the rights and benefits thereof. No contributions made  to  the  New
    14  York  state  and  local  employees' retirement system by Steven R. Grice
    15  shall be returned to him pursuant to this act.
    16    § 2. Any past service costs incurred in implementing the provisions of
    17  this act shall be borne by the county of Genesee.
    18    § 3. This act shall take effect immediately.
    19    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
    20    This bill will grant Tier 3 status in the New  York  State  and  Local
    21  Employees' Retirement System to Steven R. Grice, a current Tier 6 member
    22  employed by the county of Genesee, by changing his date of membership to
    23  June  22, 1981, his first date of employment with the county of Genesee.
    24  There will be no refund of member contributions. As a Tier 3 member with
    25  over 10 years of membership, he will no longer be required  to  make  3%
    26  member contributions.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13699-02-7
        S. 8598                             2
 
     1    If this legislation is enacted during the 2018 legislative session, we
     2  anticipate that there will be an increase of approximately $5,000 in the
     3  annual contributions of the county of Genesee for the fiscal year ending
     4  March  31,  2019.  In  future  years, this cost will vary as the billing
     5  rates and salary of Steven R. Grice change.
     6    In addition to the annual contributions discussed above, there will be
     7  an  immediate  past  service  cost of approximately $5,660 which will be
     8  borne by the county of Genesee as a one-time payment. This  estimate  is
     9  based on the assumption that payment will be made on February 1, 2019.
    10    Summary of relevant resources:
    11    The  membership  data  used  in  measuring  the impact of the proposed
    12  change was the same as that used in the March 31, 2017  actuarial  valu-
    13  ation.    Distributions  and  other  statistics can be found in the 2017
    14  Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
    15  Report.
    16    The  actuarial assumptions and methods used are described in the 2015,
    17  2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
    18  tions,  and  the  Codes  Rules and Regulations of the State of New York:
    19  Audit and Control.
    20    The Market Assets and GASB Disclosures are found in the March 31, 2017
    21  New York State and Local  Retirement  System  Financial  Statements  and
    22  Supplementary Information.
    23    I am a member of the American Academy of Actuaries and meet the Quali-
    24  fication Standards to render the actuarial opinion contained herein.
    25    This  estimate,  dated  November  22,  2017, and intended for use only
    26  during the 2018 Legislative Session, is Fiscal Note No. 2018-5, prepared
    27  by the Actuary for the New York State and Local Retirement System.