Bill Text: NY S04253 | 2017-2018 | General Assembly | Introduced

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Bill Title: Grants retroactive membership in the New York state and local employees' retirement system to Adam Markel.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-06-21 - SUBSTITUTED BY A5927 [S04253 Detail]

Download: New_York-2017-S04253-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4253
                               2017-2018 Regular Sessions
                    IN SENATE
                                    February 7, 2017
                                       ___________
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT granting retroactive membership in the New York state  and  local
          employees' retirement system to Adam Markel
          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, Adam Markel,
     2  who was employed as a part-time employee with the  state  university  of
     3  New  York  at Buffalo with a start date of September 5, 2006 until April
     4  14, 2009, and who is currently a member of the New York state and  local
     5  police  and  fire retirement system, who through no fault of his own did
     6  not become a member of the New York state and local  employees'  retire-
     7  ment  system  on  September  5,  2006  when  first employed by the state
     8  university at Buffalo shall be deemed to have been a member of  the  New
     9  York  state and local employees' retirement system on such date and such
    10  service credit shall be transferred to the  New  York  state  and  local
    11  police and fire retirement system, provided that an application is filed
    12  with the head of the New York state and local police and fire retirement
    13  system within one year from the effective date of this act.
    14    §  2. No contributions made to the New York state and local police and
    15  fire retirement system by Adam Markel shall be returned or  refunded  to
    16  him pursuant to this act.
    17    § 3. All past service costs associated with the implementation of this
    18  act shall be borne by the state university of New York at Buffalo.
    19    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 2 status in the New York State and Local
        Police and Fire Retirement System to  Adam  Markel,  a  current  Tier  5
        member  employed by the City of Buffalo, by changing his date of member-
        ship to September 5, 2006, his first date of employment with  the  State
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00163-02-7
        S. 4253                             2
        University  of  New  York  at Buffalo. There will be no refund of member
        contributions.
          If this legislation is enacted during the 2017 legislative session, we
        anticipate that there will be an increase of approximately $3,500 in the
        annual  contributions  of the City of Buffalo for the fiscal year ending
        March 31, 2018. In future years, this cost  will  vary  as  the  billing
        rates and salary of Adam Markel change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $7,730 which will be
        borne by the State University of New  York  at  Buffalo  as  a  one-time
        payment.   This estimate is based on the assumption that payment will be
        made on February 1, 2018.
          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, 2016 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2016
        Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2015
        and  2016 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, 2016
        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 3,  2017,  and  intended  for  use  only
        during  the  2017  Legislative  Session,  is  Fiscal  Note  No. 2017-48,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.