Senate Bill S7716

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7716
 
                             I N  S E N A T E
 
                             February 12, 2018
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive membership in the New York state  and  local
   employees' retirement system to Adam Markel
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other law to the contrary, Adam Markel,
 who was employed as a part-time employee with the  state  university  of
 New  York  at Buffalo with a start date of September 5, 2006 until April
 14, 2009, and who is currently a member of the New York state and  local
 police  and  fire retirement system, who through no fault of his own did
 not become a member of the New York state and local  employees'  retire-
 ment  system  on  September  5,  2006  when  first employed by the state
 university at Buffalo shall be deemed to have been a member of  the  New
 York  state and local employees' retirement system on such date and such
 service credit shall be transferred to the  New  York  state  and  local
 police and fire retirement system, provided that an application is filed
 with the head of the New York state and local police and fire retirement
 system within one year from the effective date of this act.
   §  2. No contributions made to the New York state and local police and
 fire retirement system by Adam Markel shall be returned or  refunded  to
 him pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act shall be borne by the state university of New York at Buffalo.
   § 4. 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
 Police and Fire Retirement System to  Adam  Markel,  a  current  Tier  5
 member  employed by the City of Buffalo, by changing his date of member-
 ship to September 5, 2006, his first date of employment with  the  State
 University  of  New  York  at Buffalo. There will be no refund of member
 contributions.
   If this legislation is enacted during the 2018 legislative session, we
 anticipate that there will be an increase of approximately $3,400 in the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD00163-03-8

 S. 7716                             2
 
 annual contributions of the City of Buffalo for the fiscal  year  ending
 March  31,  2019.  In  future  years, this cost will vary as the billing
 rates and salary of Adam Markel change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $9,230 which will be
 borne by the State University of New  York  at  Buffalo  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 February 9,  2018,  and  intended  for  use  only
 during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-59,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.