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A07353 Summary:

BILL NOA07353
 
SAME ASNo Same As
 
SPONSORMcDonough
 
COSPNSR
 
MLTSPNSR
 
 
Grants retroactive tier V membership in the NY state and local employees' retirement system for Daniel Miller.
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A07353 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7353
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 26, 2019
                                       ___________
 
        Introduced  by  M.  of  A.  McDONOUGH  --  read once and referred to the
          Committee on Governmental Employees
 
        AN ACT granting retroactive tier V membership in the New York state  and
          local employees' retirement system to Daniel Miller
 
          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, Daniel  Miller,
     2  a  member  of the New York state and local employees' retirement system,
     3  who was employed on March 7, 2012, by the Town of  Hempstead,  who,  for
     4  reasons  not ascribable to his own negligence, did not file a membership
     5  application in such system until May 21, 2012, which gave  him  Tier  VI
     6  status  instead  of  Tier V status, where he would have been had he been
     7  able to file a membership application when he became a permanent employ-
     8  ee on March 7, 2012, may be deemed to have become a member  of  the  New
     9  York state and local employees' retirement system on March 7, 2012 if on
    10  or  before  December 31, 2019 he shall file with the state comptroller a
    11  written request to that effect. Upon the granting  of  such  retroactive
    12  membership,  Daniel Miller shall not be granted a refund of any employee
    13  contribution made by him to the New  York  state  and  local  employees'
    14  retirement system.
    15    § 2. Any past service costs incurred in implementing the provisions of
    16  this act shall be borne by the Town of Hempstead.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will grant retroactive Tier 5 status in the New York State
        and Local Employees' Retirement System to Daniel Miller, a current  Tier
        6  member  employed  by  the  Town of Hempstead, by changing his date of
        membership to March 7, 2012. There will be no refund of member  contrib-
        utions.
          If this bill is enacted during the 2019 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $3,500 in the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10980-02-9

        A. 7353                             2
 
        annual contributions of the Town of Hempstead for the fiscal year ending
        March 31, 2020. In future years, this cost  will  vary  as  the  billing
        rates and salary of Daniel Miller change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of $27,500 which will be borne by the
        Town of Hempstead as a one-time payment. This estimate is based  on  the
        assumption that payment will be made on February 1, 2020.
          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, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgment of an attorney.
          This  estimate, dated April 11, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-101,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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