Bill Text: NY S06434 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 6434 (Prior Session Legislation)

Introduced

Bill Title: Grants retroactive membership in Tier IV of the New York state and local employees' retirement system to Shawn Coveny.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S06434 Detail]

Download: New_York-2019-S06434-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                          6434

                               2019-2020 Regular Sessions

                    IN SENATE

                                      June 11, 2019
                                       ___________

        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT granting retroactive membership in the New York state  and  local
          employees' retirement system to Shawn Coveny

          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, Shawn  Cove-
     2  ny,  an  employee  of  the  New York State Department of Corrections and
     3  Community Supervision and a member of  the  New  York  state  and  local
     4  employees'  retirement system, who was employed as a New York state park
     5  aide for Letchworth State Park as a seasonal employee in the  summer  of
     6  2008,  who  for  reasons not ascribable to his own negligence, failed to
     7  become a member of such retirement  system  during  such  employment  by
     8  Letchworth  State  Park  in 2008, shall be deemed to have joined the New
     9  York state and local employees' retirement system on the  date  May  31,
    10  2008  if,  within  one  year of the effective date of this act, he shall
    11  file a written request with the state comptroller.
    12    § 2. No contributions made to the New York state and local  employees'
    13  retirement  system  by Shawn Coveny shall be returned or refunded to him
    14  pursuant to this act.
    15    § 3. All past service costs of implementing the provisions of this act
    16  shall be borne by the state of New York.
    17    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will change the date  of  membership  for  Shawn  Coveny,  a
        current Tier 6 member in the New York State and Local Employees' Retire-
        ment System employed by the New York State Department of Corrections and
        Community  Supervision,  to  May  31, 2008, his first date of employment
        with Letchworth State Park. There will be no refund of  member  contrib-
        utions.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13116-03-9

        S. 6434                             2

          If  this  bill  is  enacted during the 2019 legislative session, there
        will be an increase of approximately $4,000 in the annual  contributions
        of  the  State of New York for the fiscal year ending March 31, 2020. In
        future years, this cost will vary as the billing  rates  and  salary  of
        Shawn Coveny change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $2,660 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, 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  June 7, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-136,  prepared  by
        the Actuary for the New York State and Local Retirement System.