Bill Text: NY A08261 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes retroactive tier III membership in the New York state and local employees' retirement system to Steven R. Grice.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Vetoed) 2019-12-13 - VETOED MEMO.231 [A08261 Detail]

Download: New_York-2019-A08261-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8261

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 11, 2019
                                       ___________

        Introduced by M. of A. HAWLEY -- read once and referred to the Committee
          on Governmental Employees

        AN  ACT  granting  retroactive tier III membership in the New York state
          and local employees' retirement system to Steven R. Grice

          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, Steven R.
     2  Grice, who is currently a Tier VI member of the New York state and local
     3  employees' retirement system and currently employed  by  the  county  of
     4  Genesee, and who commenced employment with the county of Genesee on June
     5  22,  1981,  and  who,  for reasons not ascribable to his own negligence,
     6  failed to become a member of the New York  state  and  local  employees'
     7  retirement  system in 1981, may be deemed to have become a member of the
     8  New York state and local employees' retirement system on June 22,  1981,
     9  if  within  one  year of the effective date of this act he shall file an
    10  application therefor with the state comptroller. Upon  receipt  of  such
    11  application, Steven R. Grice shall be granted Tier III status in the New
    12  York  state  and  local employees' retirement system and be eligible for
    13  all the rights and benefits thereof. No contributions made  to  the  New
    14  York  state  and  local  employees' retirement system by Steven R. Grice
    15  shall be returned to him pursuant to this act.
    16    § 2. Any past service costs incurred in implementing the provisions of
    17  this act shall be borne by the county of Genesee.
    18    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant Tier 3 status in the New  York  State  and  Local
        Employees' Retirement System to Steven R. Grice, a current Tier 6 member
        employed by the county of Genesee, by changing his date of membership to
        June  22, 1981, his first date of employment with the county of Genesee.
        There will be no refund of member contributions. As a Tier 3 member with

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02405-02-9
        A. 8261                             2

        over 10 years of membership, he will no longer be required  to  make  3%
        member contributions.
          If this bill is enacted during the 2019 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $4,900 in the
        annual contributions of the county of Genesee for the fiscal year ending
        March 31, 2020. In future years, this cost  will  vary  as  the  billing
        rates and salary of Steven Grice change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost  of $8,430 which will be borne by the
        county of Genesee as a one-time payment. This estimate is based  on  the
        assumption that payment will be made on February 1, 2020.
          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, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgment of an attorney.
          This  estimate,  dated  May 16, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-123,  prepared  by
        the Actuary for the New York State and Local Retirement System.