Bill Text: NY S08713 | 2017-2018 | General Assembly | Introduced

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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) 2018-06-20 - SUBSTITUTED BY A10770 [S08713 Detail]

Download: New_York-2017-S08713-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8713
                    IN SENATE
                                      May 10, 2018
                                       ___________
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        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  and shall be granted Tier IV status in such retirement system, if,
    11  within one year of the effective date of this act, he shall file a writ-
    12  ten request with the state comptroller.
    13    § 2. No contributions made to the New York state and local  employees'
    14  retirement  system  by Shawn Coveny shall be returned or refunded to him
    15  pursuant to this act.
    16    § 3. All past service costs of implementing the provisions of this act
    17  shall be borne by the state of New York.
    18    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant retroactive Tier 4 status in the New  York  State
        and Local Employees' Retirement System to Shawn Covney, a current Tier 6
        member  employed  by  the  NYS  Department  of Corrections and Community
        Supervision, by changing his date of membership to  May  31,  2008,  his
        first  date  of  employment with Letchworth State Park. There will be no
        refund of membership contributions.
          If this bill is enacted during the  2018  legislative  session,  there
        will  be an increase of approximately $3,900 in the annual contributions
        of the State of New York State for the  fiscal  year  ending  March  31,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15719-04-8
        S. 8713                             2
        2019.  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 $1,750 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, 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  May 10, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No. 2018-100,  prepared  by
        the Actuary for the New York State and Local Retirement System.