Senate Bill S7680

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

                                  7680

                            I N  S E N A T E

                              May 12, 2016
                               ___________

Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Civil  Service  and
  Pensions

AN  ACT  to  grant Danielle Galasso a retroactive membership date in the
  New York state and local employees' retirement system

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

  Section  1.  Notwithstanding  any  provision  of  law to the contrary,
Danielle Galasso, an employee of the town of Oyster Bay and a member  of
the  New  York  state  and  local  employees' retirement system, who was
employed by the town of Oyster Bay as a seasonal employee from July  10,
2003  through  September 30, 2003 and who, for reasons not ascribable to
her own negligence, failed to become a member of such retirement  system
during  such  employment  by  the  town  of Oyster Bay in 2003, shall be
deemed to have joined the New York state and local employees' retirement
system on July 10, 2003 and shall be granted  Tier  IV  status  in  such
retirement  system,  if,  within  one year of the effective date of this
act, she shall file a written request to  that  effect  with  the  state
comptroller.
  S 2. All past service costs of implementing the provisions of this act
shall be borne by the town of Oyster Bay.
  S  3. Notwithstanding any other provision of law, no employee contrib-
utions shall be returned to Danielle Galasso.
  S 4. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This bill will deem Danielle Galasso to have become a  member  of  the
New  York State and Local Employees' Retirement System (NYSLERS) on July
10, 2003, her first date of employment with  the  town  of  Oyster  Bay,
thereby granting her Tier 4 status. She currently has Tier 5 status with
less  than 1 year of total service credit and has not been employed by a
participating employer with NYSLERS since August 2011.
  If this legislation is enacted during the  2016  legislative  session,
there  will  be an immediate one-time past service cost of approximately

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13943-02-6
              

S. 7680                             2

$350 which will be borne by the town of Oyster  Bay.  This  estimate  is
based on the assumption that payment will be made on February 1, 2017.
  It  is  anticipated  that  there  will  not be an increase in employer
contributions on Danielle Galasso's  behalf  as  she  is  not  currently
employed  by a participating employer with NYSLERS. However, if she does
become employed by such an employer,  that  employers'  annual  contrib-
utions  will  be larger by approximately 2.8% of her annual compensation
as a result of this Tier change.
  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
Rules and Regulations of the State of New York: Audit and 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 February 22,  2016  and  intended  for  use  only
during  the  2016  Legislative  Session,  is  Fiscal  Note  No. 2016-63,
prepared by the Actuary for the New  York  State  and  Local  Retirement
System.