NY State Senate Bill 2017-S7739

Senate Bill S7739

2017-2018 Legislative Session

Grants Tier 1 status in the New York state and local employees' retirement system to Christine Verkey

download bill text pdf

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 14, 2018	referred to civil service and pensions

2017-S7739 (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement

2017-S7739 (ACTIVE) - Summary

Grants Tier 1 status in the New York state and local employees' retirement system to Christine Verkey.

2017-S7739 (ACTIVE) - Sponsor Memo

2017-S7739 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7739
 
                             I N  S E N A T E
 
                             February 14, 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 in relation to granting Tier I status in the New York  state  and
   local employees' retirement system to Christine Verkey
 
   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,  Christine
 Verkey,  who  was  an  employee  of  the  Newark central school district
 commencing in 1971 and was thereby eligible to participate  in  the  New
 York  state and local employees' retirement system, who through no fault
 of her own did not become a member of  the  New  York  state  and  local
 employees'  retirement  system when she was first employed by the Newark
 central school district, shall be granted retroactive membership in  the
 New  York  state  and  local  employees'  retirement  system with Tier I
 status, if within one year from the effective date of this act she shall
 make a written application to that effect, duly executed and filed  with
 such retirement system.
   §  2. No contributions made to the New York state and local employees'
 retirement system by Christine Verkey shall be returned or  refunded  to
 her pursuant to this act.
   § 3. All costs associated with the implementation of this act shall be
 borne by the state of New York.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  will  grant  Tier 1 status in the New York State and Local
 Employees' Retirement System to  Christine  Verkey,  a  current  Tier  4
 member  employed  by  the  State  of  New  York, by changing her date of
 membership to her first date  of  employment  with  the  Newark  Central
 School  District  in  1971.  There  will be no refund of member contrib-
 utions.
   If this legislation is enacted during the 2018 Legislative session, we
 anticipate that there will be an increase  of  approximately  $4,200  in
 annual contributions of the State of New York for the fiscal year ending
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD13868-03-8

 S. 7739                             2
 
 March 31, 2019. In future years, this cost will vary as the billing rate
 and salary of Christine Verkey change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $32,600 which will 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  February  2,  2018,  and intended for use only
 during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-21,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.

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