Bill Text: NY A10684 | 2017-2018 | General Assembly | Introduced

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Bill Title: Grants retroactive tier IV membership in the New York state and local employees' retirement system to Scott Goodfellow.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-06-20 - substituted by s8276 [A10684 Detail]

Download: New_York-2017-A10684-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10684
                   IN ASSEMBLY
                                      May 10, 2018
                                       ___________
        Introduced  by M. of A. JENNE -- read once and referred to the Committee
          on Governmental Employees
        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to Scott Goodfellow
          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, Scott Goodfel-
     2  low, a member of the New York  state  and  local  employees'  retirement
     3  system,  who  was  employed  on  December 28, 2009, by the county of St.
     4  Lawrence department of corrections, and who filed membership application
     5  in such system on December 28, 2009, which should have given him Tier IV
     6  status but for reasons not ascribable to his own negligence and  due  to
     7  an  administrative error, the application was not processed in the usual
     8  manner and therefore not processed until January 4, 2010, may be  deemed
     9  to  have  become  a  member  of  the New York state and local employees'
    10  retirement system on December 28, 2009, if within one year from the date
    11  this act shall have become a law he shall file an  application  therefor
    12  with the state comptroller.  Upon the receipt of such application, Scott
    13  Goodfellow  shall  be  granted  Tier IV status in the New York state and
    14  local employees' retirement system and be eligible for  all  the  rights
    15  and  benefits  thereof.  No contributions made to the New York state and
    16  local employees' retirement system by Scott Goodfellow shall be returned
    17  to him pursuant to this act.
    18    § 2. Any past service costs incurred in implementing the provisions of
    19  this act shall be borne by the county of St. Lawrence.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant retroactive Tier 4 status in the New  York  State
        and Local Employees' Retirement System to Scott R. Goodfellow, a current
        Tier  5 member employed by the NYS Power Authority, by changing his date
        of membership to December 28, 2009, his first date  of  employment  with
        the  county of St.  Lawrence department of corrections. There will be no
        refund of member contributions.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02564-03-8
        A. 10684                            2
          If this bill is enacted during the  2018  legislative  session,  there
        will  be an increase of approximately $2,300 in the annual contributions
        of the NYS Power Authority for the fiscal year ending March 31, 2019. In
        future years, this cost will vary as the billing rates and  salaries  of
        Scott R. Goodfellow change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $2,850 which will be
        borne by the county of St.  Lawrence as a one-time payment.  This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2019.
          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, 2017  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2017
        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 April 23, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal No.  2018-87,  prepared  by  the
        Actuary for the New York State and Local Retirement System.