Bill Text: NY S06824 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 6824 (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: (Introduced - Dead) 2014-06-12 - SUBSTITUTED BY A8932 [S06824 Detail]

Download: New_York-2013-S06824-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6824
                                   I N  S E N A T E
                                    March 13, 2014
                                      ___________
       Introduced  by  Sen. LATIMER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       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
       S. 6824                             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.