Bill Text: NY A09935 | 2017-2018 | General Assembly | Amended

New York Assembly Bill 9935 (Prior Session Legislation)

Bill Title: Relates to granting Tier I status in the New York state and local employees' retirement system to Thomas Amodeo.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2018-12-07 - tabled [A09935 Detail]

Download: New_York-2017-A09935-Amended.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                         9935--A
                   IN ASSEMBLY
                                    February 27, 2018
                                       ___________
        Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
          Committee on Governmental Employees -- reported and  referred  to  the
          Committee  on  Ways  and  Means -- committee discharged, bill amended,
          ordered reprinted as amended and recommitted to said committee
        AN ACT in relation to granting Tier I status in the New York  state  and
          local employees' retirement system to Thomas Amodeo
          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, Thomas  Amodeo,
     2  who was first employed as a Supervisor at the City of Buffalo Department
     3  of  Special  Projects  in the administration of the Summer youth program
     4  commencing at the start of the summer semester of 1970 and  was  thereby
     5  eligible  to  participate  in  the  New  York state and local employees'
     6  retirement system, and who is currently a judge and a member of the  New
     7  York  state and local employees' retirement system, who through no fault
     8  of his own did not become a member of  the  New  York  state  and  local
     9  employees'  retirement  system when he was first employed by the City of
    10  Buffalo Department of Special Projects in 1970, shall be granted  retro-
    11  active  membership in the New York state and local employees' retirement
    12  system with Tier I status, if within one year from the effective date of
    13  this act he shall make  a  written  application  to  that  effect,  duly
    14  executed and filed with such retirement system.
    15    §  2. No contributions made to the New York state and local employees'
    16  retirement system by Thomas Amodeo shall be returned to him pursuant  to
    17  this act.
    18    § 3. All costs associated with the implementation of this act shall be
    19  borne by the state of New York.
    20    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 1 status in the New York State and Local
        Employees' Retirement System to Thomas Amodeo, by changing his  date  of
        membership  to July 1, 1970, his first date of employment by the city of
        Buffalo Department of Special Projects. He currently is a Tier 3  member
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11988-08-8

        A. 9935--A                          2
        employed by the New York State Office of Court Administration. No member
        contributions will be refunded to Thomas Amodeo.
          If this legislation is enacted during the 2018 legislative session, we
        anticipate  that  there  will be an increase of approximately $11,000 in
        the annual contributions of New York State for the  fiscal  year  ending
        March  31,  2019.  In  future  years, this cost will vary as his billing
        rates and salaries change.
          In addition to the annual contributions discussed above,  we  estimate
        there  will  be an immediate past service cost of approximately $181,000
        which would 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, 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 June 12, 2018, and intended for use  only  during
        the  2018  Legislative Session, is Fiscal Note No. 2018-123, prepared by
        the Actuary for the New York State and Local Retirement System.