Senate Bill S7701

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

                                  7701

                            I N  S E N A T E

                              May 12, 2016
                               ___________

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

AN ACT granting retroactive tier II membership in the New York state and
  local employees' retirement system to Todd Mikus

  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, Todd Mikus, who
is  a  member  of  the  New  York  state and local employees' retirement
system, and who was employed by the Poughkeepsie School District for the
period beginning February 1, 1976 and ending in July 1976, and  who  for
reasons  not ascribable to his own negligence did not become a member of
the New York state and local employees' retirement system at the time of
his hiring and who is currently a Tier IV member of the New  York  state
and  local employees' retirement system shall be deemed to have become a
member of the New York state and local employees' retirement  system  as
of  February  1,  1976 entitling him to Tier II status with every right,
benefit and privilege which would have been available  to  him  on  such
date  if,  within  one  year of the effective date of this act, he shall
file a written request to that effect with the state comptroller.   Upon
the  granting  of  such  retroactive membership, Todd Mikus shall not be
granted a refund of any employee contributions made by him  to  the  New
York state and local employees' retirement system.
  S 2. Any past service costs incurred in implementing the provisions of
this act shall be borne by Dutchess County.
  S 3. 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
Employees' Retirement System to Todd Mikus,  a  current  Tier  4  member
employed  by  Dutchess  County,  by  changing  his date of membership to
February 1, 1976. 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 $6,600 in the
annual contributions of Dutchess County for the fiscal year ending March

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15222-03-6
              

S. 7701                             2

31, 2017. In future years, this cost will vary as the billing rates  and
salaries of Todd Mikus change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $54,700 which will be
borne by Dutchess County 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
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  May 11, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No.  2016-96,  prepared  by
the Actuary for the New York State and Local Retirement System.