S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5288--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 7, 2017
                                ___________
 
 Introduced  by M. of A. RAIA, McDONOUGH -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted 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, within one year of the effec-
 tive date of this act, such beneficiary shall file an application there-
 for with the state comptroller. 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 retire-
 ment allowance he received, and the actuarial equivalent  thereof  shall
 not  be deducted from his subsequent retirement allowance.  Such benefit
 will be recalculated as of January 15, 2008.  In addition to the  recal-
 culated  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 recal-
 culated  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.
              

                                                            LBD06908-04-8

 A. 5288--A                          2
 
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the county of Suffolk.
   § 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  to  be
 returned to the retirement system.
   If  this bill is enacted, there will be an immediate past service cost
 of approximately $415,000 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, 2019.
   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, 2017 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2017
 Report  of  the  Actuary  and  the  2017  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016,  and  2017  Annual  Report to the Comptroller on Actuarial Assump-
 tions, 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, 2017
 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 2,  2018,  and  intended  for  use  only
 during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-43,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.