NY State Assembly Bill 2017-A8434A

Assembly Bill A8434A

2017-2018 Legislative Session

Authorizes Anthony A. Fede Tier I status in the New York state and local employees' retirement system

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Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 27, 2018	print number 8434a
Mar 27, 2018	amend and recommit to governmental employees
Jan 03, 2018	referred to governmental employees
Jun 16, 2017	referred to governmental employees

Bill Amendments

Original

A (Active)

2017-A8434 - Details

See Senate Version of this Bill:: S6315
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2019-2020: S3442
2021-2022: S5108

2017-A8434 - Summary

Authorizes Anthony A. Fede Tier I status in the New York state and local employees' retirement system.

2017-A8434 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8434
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 16, 2017
                                ___________
 
 Introduced  by  M.  of  A.  PELLEGRINO  -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to authorize Anthony A. Fede Tier I status in the New York  state
   and local employees' retirement system
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other  provision  of  law,  Anthony  A.
 Fede,  who was first eligible to join the public retirement system as of
 March 17, 1970 and who was employed by the Sewanhaka Central High School
 District from March 17, 1970 to August 10, 1973 and who for reasons  not
 ascribable  to  his  own  negligence was not afforded the opportunity to
 join the New York state and local employees' retirement system with Tier
 I status, shall be deemed to have become a member of the New York  state
 and  local  employees' retirement system as of March 17, 1970; and shall
 have Tier I status, if, no later than one year after the effective  date
 of this act he shall file a written request with the state comptroller.
   §  2. No contributions made to the New York state and local employees'
 retirement system shall be returned  or  refunded  to  Anthony  A.  Fede
 pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act shall be borne by the Half Hollow Hills Central School District.
   § 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 Anthony A. Fede, a current Tier 4 member
 employed by the Half Hollow Hills Central School District,  by  changing
 his  date  of membership to March 17, 1970, his first date of employment
 with Sewanhaka Central School District.  There  will  be  no  refund  of
 member contributions.
   If this legislation is enacted during the 2017 legislative session, we
 anticipate  that  there  will be an increase of approximately $10,300 in

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

 A                                                          LBD11345-04-7

 A. 8434                             2
 
 the annual  contributions  of  the  Half  Hollow  Hills  Central  School
 District  for  the  fiscal  year ending March 31, 2018. In future years,
 this cost will vary as the billing rates and salary of Anthony  A.  Fede
 change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $88,900 which will be
 borne by the Half Hollow Hills Central School  District  as  a  one-time
 payment.  This  estimate is based on the assumption that payment will be
 made on February 1, 2018.
   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, 2016 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2016
 Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2015
 and  2016 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, 2016
 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 11, 2017, and intended for  use  only  during
 the  2017  Legislative  Session, is Fiscal Note No. 2017-92, prepared by
 the Actuary for the New York State and Local Retirement System.

2017-A8434A (ACTIVE) - Details

See Senate Version of this Bill:: S6315
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2019-2020: S3442
2021-2022: S5108

2017-A8434A (ACTIVE) - Summary

Authorizes Anthony A. Fede Tier I status in the New York state and local employees' retirement system.

2017-A8434A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8434--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 16, 2017
                                ___________
 
 Introduced  by  M.  of  A.  PELLEGRINO  -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to authorize Anthony A. Fede Tier I status in the New York  state
   and local employees' retirement system
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other  provision  of  law,  Anthony  A.
 Fede,  who  is  currently retired and who was first eligible to join the
 public retirement system as of March 17, 1970 and who  was  employed  by
 the Sewanhaka Central High School District from March 17, 1970 to August
 10,  1973  and  who for reasons not ascribable to his own negligence was
 not afforded the opportunity to  join  the  New  York  state  and  local
 employees' retirement system with Tier I status, shall be deemed to have
 become  a  member  of the New York state and local employees' retirement
 system as of March 17, 1970; and shall have Tier I status, if, no  later
 than one year after the effective date of this act he shall file a writ-
 ten  request  with  the state comptroller. Upon receipt of such request,
 the retirement benefit shall be calculated and  payment  shall  be  made
 retroactive to his date of retirement.
   §  2. No contributions made to the New York state and local employees'
 retirement system shall be returned  or  refunded  to  Anthony  A.  Fede
 pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act  shall be borne by all participating employers in the New York state
 and local employees' retirement system.
   § 4. This act shall take effect immediately.
   Fiscal Note. -- Pursuant to Legislative Law, Section 50:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11345-11-8

 A. 8434--A                          2
 
   This bill would grant Tier 1 status in the New York  State  and  Local
 Employees'  Retirement System (ERS) to Anthony A. Fede, a retired Tier 4
 member, by changing his date of membership to March 17, 1970, his  first
 date  of  employment with Sewanhaka Central School District. The retire-
 ment  benefit  will be recalculated and payment will be made retroactive
 to his date of retirement. There will be no refund  of  member  contrib-
 utions.
   If  this  legislation  is enacted during the 2018 legislative session,
 there will be an immediate past service cost of approximately  $145,000.
 These costs would be shared by the State of New York and the participat-
 ing employers in the ERS.
   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 March 26, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-52,  prepared  by
 the Actuary for the New York State and Local Retirement System.

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