Assembly Bill A9703

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

                                  9703

                          I N  A S S E M B L Y

                              April 5, 2016
                               ___________

Introduced  by  M. of A. RYAN -- read once and referred to the Committee
  on Governmental Employees

AN ACT granting retroactive membership in the New York state  and  local
  employees' retirement system to Adam Markel

  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, Adam Markel,
who was employed as a part-time employee with the  state  university  of
New  York  at Buffalo with a start date of September 5, 2006 until April
14, 2009, and who is currently a member of the New York state and  local
police  and  fire retirement system, who through no fault of his own did
not become a member of the New York state and local  employees'  retire-
ment  system  on  September  5,  2006  when  first employed by the state
university at Buffalo shall be deemed to have been a member of  the  New
York  state and local employees' retirement system on such date and such
service credit shall be transferred to the  New  York  state  and  local
police and fire retirement system, provided that an application is filed
with the head of the New York state and local police and fire retirement
system within one year from the effective date of this act.
  S  2. No contributions made to the New York state and local police and
fire retirement system by Adam Markel shall be returned or  refunded  to
him pursuant to this act.
  S 3. All past service costs associated with the implementation of this
act shall be borne by the state university of New York at Buffalo.
  S 4. This act shall take effect immediately.
  Fiscal Note.--Pursuant to Legislative Law, Section 50:
  This  bill  will  grant  Tier 2 status in the New York State and Local
Police and Fire Retirement System to  Adam  Markel,  a  current  Tier  5
member  employed by the City of Buffalo, by changing his date of member-
ship to September 5, 2006, his first date of employment with  the  State
University  of  New  York  at Buffalo. There will be no refund of member
contributions.
  If this legislation is enacted during the 2016 legislative session, we
anticipate that there will be an increase of approximately $3,410 in the

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

                                                           LBD14687-06-6

A. 9703                             2

annual contributions of the City of Buffalo for the fiscal  year  ending
March  31,  2017.  In  future  years, this cost will vary as the billing
rates and salary of Adam Markel change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service  cost of approximately $6,760 which will be
borne by the State University of New  York  at  Buffalo  as  a  one-time
payment.  This  estimate is based on the assumption that payment will be
made on February 1, 2017.
  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, 2015 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2015
Report  of  the  Actuary  and  the  2015  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in  the  2015
Annual Report to the Comptroller on Actuarial Assumptions, and the Codes
and Rules and Regulations of the State of New York: Audit Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2015
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 28, 2016 and intended for use  only  during
the  2016  Legislative  Session, is Fiscal Note No. 2016-82, prepared by
the Actuary for the New York State and Local Retirement System.