Senate Bill S7638

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7638
 
                             I N  S E N A T E
 
                             February 1, 2018
                                ___________
 
 Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Joseph F. Delaney  to  apply  for  military  service
   credit 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  subdivision  5  of  section  1000  of  the
 retirement  and social security law, Joseph F. Delaney, a retired member
 of the New York state and  local  employees'  retirement  system  having
 retired  December 30, 1997; and who served in the United States military
 during the Korean conflict, shall be  eligible  to  apply  for  military
 service  credit  in  the  New York state and local employees' retirement
 system as otherwise provided pursuant to provisions of section  1000  of
 the  retirement  and  social  security  law,  if, within one year of the
 effective date of this act, he shall: (1) file a written request to that
 effect with such retirement system; and (2) shall pay to  the  New  York
 state  and  local  employees'  retirement  system an amount equal to the
 product of the number of years of military  service  being  claimed  and
 three  percent of his final average salary. Such benefit shall be recal-
 culated as of the date of his retirement.
   § 2. All past service costs attributable to the implementation of this
 act shall be borne by the state of New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will authorize Joseph F. Delaney, who is a retired member of
 the New York State and Local Employees' Retirement System (NYSLERS),  to
 apply  for  military service credit pursuant to § 1000 of the Retirement
 and Social Security Law. The bill requires Mr. Delaney  to  pay  to  the
 NYSLERS  an  amount equal to the product of the number of years of mili-
 tary years being claimed and 3% of his final average salary. The retire-
 ment benefit will be recalculated and payment will be  made  retroactive
 to his date of retirement.
   If  this  bill  is  enacted during the 2018 legislative session, there
 will be an  immediate  past  service  cost  of  approximately  $100,100.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14016-03-8

 S. 7638                             2
 
 Approximately  $3,100  of this cost would be borne by Joseph Delaney and
 the remaining $97,000 would be borne by the State of New York as a  one-
 time payment. This estimate is based on the assumption that payment will
 be made on March 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  January  18,  2018,  and intended for use only
 during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-32,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.