Bill Text: NY A06835 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes James W. McCarthy Tier I status in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-05-28 - held for consideration in governmental employees [A06835 Detail]

Download: New_York-2013-A06835-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6835
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 19, 2013
                                      ___________
       Introduced by M. of A. TENNEY -- read once and referred to the Committee
         on Governmental Employees
       AN  ACT  to  authorize  James  W. McCarthy Tier I status in the New York
         state and local employees' retirement system
         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, James W.
    2  McCarthy, who was first eligible to join the public retirement system as
    3  of May 1, 1968 and who was employed by the Power Authority of the  state
    4  of  New  York from May 1, 1968 to August 31, 1968, May 1, 1969 to August
    5  31, 1969 and May 1, 1970 to August 31, 1970  and  who  for  reasons  not
    6  ascribable  to  his  own  negligence was not afforded the opportunity to
    7  join the New York state and local employees' retirement system with Tier
    8  I status, shall be deemed to have become a member of the New York  state
    9  and local employees' retirement system as of May 1, 1968; and shall have
   10  Tier  I status, if, on or before December 31, 2013 he shall file a writ-
   11  ten request with the state comptroller.
   12    S 2. All costs attributable to the implementation of this act shall be
   13  borne by New York state.
   14    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will deem James W. McCarthy, an employee  of  the  New  York
       State Office of Court Administration, to have become a member of the New
       York  State  and  Local Employees' Retirement System on May 1, 1968, his
       first date of employment with the New York State Power Authority, there-
       by granting  him  Tier  1  status.  All  member  contributions  will  be
       refunded.
         If  this bill is enacted, we anticipate that there will be an increase
       of approximately $13,000 in the annual contributions of New  York  State
       for the fiscal year ending March 31, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05727-02-3
       A. 6835                             2
         In addition to the annual contributions discussed above, there will be
       an  immediate  past service cost of approximately $218,000 which will be
       borne by the State of New York as a one-time payment. This  estimate  is
       based on the assumption that payment will be made on March 1, 2014.
         Summary of relevant resources:
         Data:  March  31,  2012  Actuarial Year End File with distributions of
       membership and other statistics displayed in  the  2012  Report  of  the
       Actuary and 2012 Comprehensive Annual Financial Report.
         Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
       Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
       State of New York: Audit and Control.
         Market Assets and GASB Disclosures: March 31, 2012 New York State  and
       Local  Retirement System Financial Statements and Supplementary Informa-
       tion.
         Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
       the 2012 Actuarial Valuations report.
         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  12,  2013  and intended for use only
       during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-83,
       prepared  by  the  Actuary  for  the New York State and Local Employees'
       Retirement System.