S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7918
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2017
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT granting retroactive Tier IV membership in the New York state and
   local employees' retirement system to Brian Stebbins
 
   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, Brian Stebbins,
 a member of the New York state and local employees'  retirement  system,
 who  was employed on August 1, 2003, by the village of Green Island, and
 who filed a membership application in such system  on  August  1,  2003,
 which  should have given him Tier IV status but for reasons not ascriba-
 ble to his own negligence and due to an administrative error, the appli-
 cation was not processed in the usual manner and therefore not processed
 until March 15, 2012, may be deemed to have become a member of  the  New
 York  state and local employees' retirement system on August 1, 2003, if
 on or before December 31, 2017 he shall  file  an  application  therefor
 with  the state comptroller. Upon the receipt of such application, Brian
 Stebbins shall be granted Tier IV status in the New York state and local
 employees' retirement system and be eligible  for  all  the  rights  and
 benefits  thereof. No contributions made to the New York state and local
 employees' retirement system by Brian Stebbins shall be returned to  him
 pursuant to this act.
   § 2. Any past service costs incurred in implementing the provisions of
 this act shall be borne by the village of Green Island.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--This bill will grant Tier 4 status in the New York State
 and  Local  Employees' Retirement System to Brian M. Stebbins, a current
 Tier 5 member employed by the State of New York, by changing his date of
 membership to August 1, 2003, the first date  he  was  employed  by  the
 Village of Green Island.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11757-02-7
              

 A. 7918                             2
 
   If this legislation is enacted during the 2017 legislative session, we
 anticipate that there will be an increase of approximately $2,000 in the
 annual contributions of the State of New York for the fiscal year ending
 March  31,  2018.  In  future  years, this cost will vary as the billing
 rates and salary of Brian M. Stebbins change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $11,000 which will be
 borne by the Village of Green Island as a one-time payment.  This  esti-
 mate 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 16, 2017, and intended for use only during
 the 2017 Legislative Session, is Fiscal Note No. 2017-100,  prepared  by
 the Actuary for the New York State and Local Retirement System.