Bill Text: NY A09882 | 2013-2014 | General Assembly | Introduced

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Bill Title: Grants retroactive tier V membership in the New York state and local employees' retirement system to John Ginestro.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-06-19 - substituted by s7635 [A09882 Detail]

Download: New_York-2013-A09882-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9882
                                 I N  A S S E M B L Y
                                     May 27, 2014
                                      ___________
       Introduced  by M. of A. ROBERTS -- read once and referred to the Commit-
         tee on Governmental Employees
       AN ACT granting retroactive tier V membership in the New York state  and
         local employees' retirement system to John J. Ginestro, III
         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, John J.  Gines-
    2  tro, III, a member of the New York state and local employees' retirement
    3  system, who was employed on March 29, 2012, by the county of Onondaga as
    4  an electrician, and who filed membership applications in such system  on
    5  March  29,  2012,  which  should  have  given  him Tier V status but for
    6  reasons not ascribable to his own negligence and due to  an  administra-
    7  tive  error,  the  application was not processed in the usual manner and
    8  therefore not processed until April 2,  2012,  may  be  deemed  to  have
    9  become  a  member  of the New York state and local employees' retirement
   10  system on March 29, 2012, if on or before December  31,  2014  he  shall
   11  file  an  application  therefor  with  the  state  comptroller. Upon the
   12  receipt of such application, John J.   Ginestro, III  shall  be  granted
   13  Tier  V  status  in  the  New York state and local employees' retirement
   14  system and be eligible for all  the  rights  and  benefits  thereof.  No
   15  contributions made to the New York state and local employees' retirement
   16  system  by  John J.   Ginestro, III shall be returned to him pursuant to
   17  this act.
   18    S 2. Any past service costs incurred in implementing the provisions of
   19  this act shall be borne by the county of Onondaga.
   20    S 3. This act shall take effect immediately.
         FISCAL NOTE.--This bill will deem  John  Ginestro  to  have  become  a
       member  of  the New York State and Local Employees' Retirement System on
       March 29, 2012, his first  date  of  employment  with  Onondaga  County,
       thereby  granting  him  Tier  5  Status. No member contributions will be
       refunded.
         If this bill is enacted, we anticipate that there will be an  increase
       of  approximately  $4,350 in the annual contributions of Onondaga County
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15254-02-4
       A. 9882                             2
       for the fiscal year ending March 31, 2015. In future  years,  this  cost
       will vary as the billing rates and salary John Ginestro change.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past  service  cost of approximately $9,880 which will be
       borne by Onondaga County 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  May 19, 2014, and intended for use only during
       the 2014 Legislative Session, is Fiscal Note No. 2014-135,  prepared  by
       the  Actuary  for  the  New  York  State and Local Employees' Retirement
       System.