S T A T E O F N E W Y O R K
I N S E N A T E
May 14, 2014
Introduced by Sen. LIBOUS -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
AN ACT in relation to granting Luke Parga tier IV status in the New York
state and local employees' retirement system with a membership date of
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any other law to the contrary, Luke Parga
who is currently a tier V member of the New York state and local employ-
ees' retirement system and currently employed by the department of
transportation, and who was employed by the state university of New York
at Potsdam Police and Binghamton University in 2006, and who, for
reasons not ascribable to his own negligence, failed to become a member
of the New York state and local employees' retirement system in 2006,
shall be deemed to have been a member of such retirement system on
February 8, 2006, having tier IV status with every right, benefit and
privilege which would have been available to him on such date if, on or
before December 31, 2014, he shall file an application therefor with the
S 2. All past service costs of implementing the provisions of this act
shall be borne by the state of New York.
S 3. This act shall take effect immediately.
FISCAL NOTE.-- Legislative Law, Section 50:
This bill will grant Tier 4 status in the New York State and Local
Employees' Retirement System to Luke F. Parga, a current Tier 5 member
employed by the State of New York, by changing his date of membership to
February 8, 2006.
If this legislation is enacted during the 2014 legislative session, we
anticipate that there will be an increase of approximately $1,500 in the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 7419--B 2
annual contributions of the State of New York for the fiscal year ending
March 31, 2015.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $3,480 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, 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
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
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 June 4, 2014 and intended for use only during the
2014 Legislative Session, is Fiscal Note No. 2014-147, prepared by the
Actuary for the New York State and Local Employees' Retirement System.