senate Bill S7419B

Relates to Tier IV retirement benefits for Luke Parga

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 14 / May / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 22 / May / 2014
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 22 / May / 2014
    • PRINT NUMBER 7419A
  • 06 / Jun / 2014
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 06 / Jun / 2014
    • PRINT NUMBER 7419B

Summary

Relates to tier IV retirement benefits for Luke Parga; accords him tier IV benefits due to his past employment in 2006.

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Bill Details

See Assembly Version of this Bill:
A8814B
Versions:
S7419
S7419A
S7419B
Legislative Cycle:
2013-2014
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S7419B

TITLE OF BILL: 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 2006

PURPOSE OR GENERAL IDEA OF BILL: Relates to tier IV retirement benefits
for Luke Parga.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Notwithstanding any other law to the contrary, Luke Pam who
is currently a tier V member of the New York state and local employees'
retirement system and currently employed by the department of transpor-
tation, 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 the date he
first commenced such employment in 2006, having tier IV status with
every right, benefit and privilege which would have been available to
him on such date.

Section 2. All past service costs of implementing the provisions of this
act shall be borne by the state of New York.

JUSTIFICATION: Luke Parga currently works for NYS DOT but has requested
to be a tier IV member of the New York state and local employees'
retirement system (as he is currently a tier V member) since he failed
to enroll (through no fault of his own) while employed at the state
university of New York at Potsdam Police and Binghamton University in
2006. This legislation would authorize Luke Parga to become a tier IV
member on the date he first commenced such employment in 2006.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: 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 51,500 in the
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 53,480 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 valuation.
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 Qualification Standards to render the actuarial
opinion contained herein.

This estimate, dated February 11, 2014 and intended for use only during
the 2014 Legislative Session, is Fiscal Note No. 2014-72, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.

EFFECTIVE DATE: This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7419--B

                            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-
  tee

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
  2006

  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
state comptroller.
  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.
                                                           LBD13721-10-4

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
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 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.

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