Bill Text: NY A08932 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 8932 (Prior Session Legislation)

Introduced

Bill Title: Grants Nancy Porretto Tier IV status in the New York state and local employees' retirement system with a membership date of September 1, 2005.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-08-07 - signed chap.210 [A08932 Detail]

Download: New_York-2013-A08932-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8932
                                 I N  A S S E M B L Y
                                     March 3, 2014
                                      ___________
       Introduced by M. of A. BUCHWALD -- read once and referred to the Commit-
         tee on Governmental Employees
       AN  ACT in relation to granting Nancy Porretto Tier IV status in the New
         York state and local employees' retirement system  with  a  membership
         date of September 1, 2005
         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,  Nancy
    2  Porretto,  who  is  currently a Tier VI member of the New York state and
    3  local employees' retirement system and currently employed by the Bedford
    4  Central School District, and who was appointed to a  position  with  the
    5  Bedford  Central  School  District  on  September  1, 2005, and who, for
    6  reasons not ascribable to her own negligence, failed to become a  member
    7  of  the  New  York  state and local employees' retirement system in 2005
    8  when first appointed to the position, may be deemed  to  have  become  a
    9  member  of  the New York state and local employees' retirement system on
   10  September 1, 2005, if on or before December 31, 2014 she shall  file  an
   11  application  therefor  with  the  state comptroller. Upon the receipt of
   12  such application, Nancy Porretto shall be granted Tier IV status in  the
   13  New  York  state  and local employees' retirement system and be eligible
   14  for all the rights and benefits thereof  provided  that  Nancy  Porretto
   15  makes  all employee contributions required to be made by Tier IV members
   16  of the New  York  state  and  local  employees'  retirement  system.  No
   17  contributions made to the New York state and local employees' retirement
   18  system by Nancy Porretto shall be returned to her pursuant to this act.
   19    S  2.  All  past employer costs of implementing the provisions of this
   20  act shall be borne by the Bedford Central School District.
   21    S 3. 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  Nancy  A. Porretto, a current Tier 6
       member employed by the Bedford Central School District, by changing  her
       date  of  membership  to  September 1, 2005, the first date she became a
       full-time employee of the Bedford Central School District.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13394-03-4
       A. 8932                             2
         If this legislation is enacted during the 2014 legislative session, we
       anticipate that there will be an increase of approximately $3,000 in the
       annual contributions of the Bedford  Central  School  District  for  the
       fiscal year ending March 31, 2014.
         In  addition  to the annual contributions discussed above, it is esti-
       mated that there will be an immediate past service cost of $5,950  which
       will  be  borne  by  the  Bedford School District as a one-time payment.
       This estimate is based on the assumption that payment will  be  made  on
       February 1, 2015.
         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, 2013  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  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, 2013
       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  February 4, 2014 and intended for the use only
       during the  2014  Legislative  Session,  is  Fiscal  Note  No.  2014-69,
       prepared  by  the  Actuary  for  the New York State and Local Employees'
       Retirement System.