Assembly Bill A5862

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

                                 5862--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              March 7, 2013
                               ___________

Introduced  by  M. of A. RAIA -- read once and referred to the Committee
  on Governmental Employees -- recommitted to the Committee  on  Govern-
  mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
  tee  discharged, bill amended, ordered reprinted as amended and recom-
  mitted to said committee

AN ACT authorizing the beneficiary of Robert Carballeira to  receive  an
  enhanced pension benefit on his behalf

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding section 101 of the  retirement  and  social
security law, the beneficiary of Robert Carballeira, who was a member of
the  New  York state and local employees' retirement system and employed
by the county of Suffolk, now deceased, shall be entitled to  a  benefit
based  on  the total service credit to which he was entitled at the time
of his earlier retirement  on  August  30,  1997  including  all  credit
received  pursuant  to  chapter 41 of the laws of 1997, in addition with
all member service credit earned by him subsequent to his last  restora-
tion to membership on March 1, 2003, if, on or before December 31, 2014,
such beneficiary shall file an application therefor with the state comp-
troller.  Such total service credit to which he was entitled at the time
of his earlier retirement shall be so credited  without  requiring  such
member  to  return  to  the  retirement system with regular interest the
actuarial equivalent of  the  amount  of  the  retirement  allowance  he
received,  and  the  actuarial  equivalent thereof shall not be deducted
from his subsequent retirement allowance.  Such benefit will be recalcu-
lated as of January 15, 2008.  In addition to the  recalculated  benefit
that  the  beneficiary will receive for her lifetime, retroactive to the
pensioner's date of death, the beneficiary will  receive  a  retroactive
payment based on the difference between the recalculated benefit and the
benefit which was paid to Robert Carballeira prior to his death.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05234-03-4

              

A. 5862--A                          2

  S  2.  All  costs  of implementing the provisions of this act shall be
borne by the county of Suffolk.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would  authorize  the beneficiary of Robert Carballeira to
receive an enhanced pension benefit. Mr. Carballeira retired August  30,
1997 under the retirement incentive authorized by chapter 41 of the laws
of  1997.  He restored to membership in 2003 and subsequently retired on
January 15, 2008. This bill would provide an enhanced pension  based  on
all  service  credit  earned, including the retirement incentive credit,
without requiring  that  the  retirement  allowance  that  was  paid  be
returned to the retirement system.
  If  this bill is enacted, there will be an immediate past service cost
of approximately $337,000 which will be borne by  Suffolk  County  as  a
one-time  payment. This estimate is based on the assumption that payment
will be made on February 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 February 27, 2014,  and  intended  for  use  only
during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-93,
prepared by the Actuary for the New  York  State  and  Local  Employees'
Retirement System.