S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6315--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 11, 2017
                                ___________
 
 Introduced  by  Sen.  BROOKS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT to authorize Anthony A. Fede Tier I status 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  other  provision of law, Anthony A.
 Fede, who is currently retired and who was first eligible  to  join  the
 public  retirement  system  as of March 17, 1970 and who was employed by
 the Sewanhaka Central High School District from March 17, 1970 to August
 10, 1973 and who for reasons not ascribable to his  own  negligence  was
 not  afforded  the  opportunity  to  join  the  New York state and local
 employees' retirement system with Tier I status, shall be deemed to have
 become a member of the New York state and  local  employees'  retirement
 system  as of March 17, 1970; and shall have Tier I status, if, no later
 than one year after the effective date of this act he shall file a writ-
 ten request with the state comptroller. Upon receipt  of  such  request,
 the  retirement  benefit  shall  be calculated and payment shall be made
 retroactive to his date of retirement.
   § 2. No contributions made to the New York state and local  employees'
 retirement  system  shall  be  returned  or  refunded to Anthony A. Fede
 pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act shall be borne by all participating employers in the New York  state
 and local employees' retirement system.
   § 4. This act shall take effect immediately.
   Fiscal Note. -- Pursuant to Legislative Law, Section 50:

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

                                                            LBD11345-10-8

 S. 6315--A                          2
 
   This  bill  would  grant Tier 1 status in the New York State and Local
 Employees' Retirement System (ERS) to Anthony A. Fede, a retired Tier  4
 member,  by changing his date of membership to March 17, 1970, his first
 date of employment with Sewanhaka Central School District.  The  retire-
 ment  benefit  will be recalculated and payment will be made retroactive
 to his date of retirement. There will be no refund  of  member  contrib-
 utions.
   If  this  legislation  is enacted during the 2018 legislative session,
 there will be an immediate past service cost of approximately  $145,000.
 These costs would be shared by the State of New York and the participat-
 ing employers in the ERS.
   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 March 26, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-52,  prepared  by
 the Actuary for the New York State and Local Retirement System.