Bill Text: NY S07635 | 2013-2014 | General Assembly | Introduced

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Bill Title: Grants retroactive tier V membership in the New York state and local employees' retirement system to John Ginestro.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-08-07 - SIGNED CHAP.239 [S07635 Detail]

Download: New_York-2013-S07635-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7635
                                   I N  S E N A T E
                                     May 21, 2014
                                      ___________
       Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
         when printed to be committed to the Committee  on  Civil  Service  and
         Pensions
       AN  ACT granting retroactive tier V membership in the New York state and
         local employees' retirement system to John J. Ginestro, III
         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, John J.  Gines-
    2  tro, III, a member of the New York state and local employees' retirement
    3  system, who was employed on March 29, 2012, by the county of Onondaga as
    4  an  electrician, and who filed membership applications in such system on
    5  March 29, 2012, which should have  given  him  Tier  V  status  but  for
    6  reasons  not  ascribable to his own negligence and due to an administra-
    7  tive error, the application was not processed in the  usual  manner  and
    8  therefore  not  processed  until  April  2,  2012, may be deemed to have
    9  become a member of the New York state and  local  employees'  retirement
   10  system  on  March  29,  2012, if on or before December 31, 2014 he shall
   11  file an application  therefor  with  the  state  comptroller.  Upon  the
   12  receipt  of  such  application, John J.   Ginestro, III shall be granted
   13  Tier V status in the New York  state  and  local  employees'  retirement
   14  system  and  be  eligible  for  all  the rights and benefits thereof. No
   15  contributions made to the New York state and local employees' retirement
   16  system by John J.  Ginestro, III shall be returned to  him  pursuant  to
   17  this act.
   18    S 2. Any past service costs incurred in implementing the provisions of
   19  this act shall be borne by the county of Onondaga.
   20    S 3. This act shall take effect immediately.
         FISCAL  NOTE.--This  bill  will  deem  John  Ginestro to have become a
       member of the New York State and Local Employees' Retirement  System  on
       March  29,  2012,  his  first  date  of employment with Onondaga County,
       thereby granting him Tier 5 Status.  No  member  contributions  will  be
       refunded.
         If  this bill is enacted, we anticipate that there will be an increase
       of approximately $4,350 in the annual contributions of  Onondaga  County
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15254-02-4
       S. 7635                             2
       for  the  fiscal  year ending March 31, 2015. In future years, this cost
       will vary as the billing rates and salary John Ginestro change.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past  service  cost of approximately $9,880 which will be
       borne by Onondaga County as a one-time payment. This estimate  is  based
       on the assumption that payment will be made on February 1, 2015.
         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, 2013  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  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, 2013
       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  May 19, 2014, and intended for use only during
       the 2014 Legislative Session, is Fiscal Note No. 2014-135,  prepared  by
       the  Actuary  for  the  New  York  State and Local Employees' Retirement
       System.