Assembly Bill A9452

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

                                  9452

                          I N  A S S E M B L Y

                              March 4, 2016
                               ___________

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

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
$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.

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

                                                           LBD13943-02-6

A. 9452                             2

  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.