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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9935
                   IN ASSEMBLY
                                    February 27, 2018
                                       ___________
        Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
          Committee on Governmental Employees
        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. All costs associated with the implementation of this act shall be
    16  borne  by  the  employers  of  members  of  the New York state and local
    17  employees' retirement system.
    18    § 3. 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
        employed by the New York State Office of Court Administration.  Further,
        tier 3 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11988-06-8
        A. 9935                             2
        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, there will be
        a  one-time  past  service  cost  of $307,000 which will be borne by the
        state of New York and the participating employers in the New York  State
        and Local Employees' Retirement System.
          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  February  13,  2018, and intended for use only
        during the 2018 Legislative Session, is Fiscal No. 2018-58, prepared  by
        the Actuary for the New York State and Local Retirement System.