Assembly Bill A10456

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10456
 
                           I N  A S S E M B L Y
 
                               May 18, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Barclay) --
   read once and referred to the Committee on Governmental Employees
 
 AN ACT to authorize Craig  Morrissey  and  Louis  Mannara  to  elect  to
   participate  in  the  New  York  state  voluntary defined contribution
   program
 
   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, Craig Morrissey
 and  Louis  Mannara,  who  are  members  of the New York state and local
 employees' retirement system, and who have been  employed  as  assistant
 district  attorneys  by the county of Oswego since December 21, 2018 and
 January 4, 2019,  respectively, and who, for reasons not  ascribable  to
 their  own  negligence, failed to make timely application to participate
 in the New York State voluntary defined contribution program, may  indi-
 vidually    elect  to  participate  in  such program and terminate their
 memberships in the  New  York  state  and  local  employees'  retirement
 system.
   Craig Morrissey and Louis Mannara's election to participate in the New
 York  state voluntary defined contribution program must be notarized and
 submitted in writing to Oswego County within one year of  the  effective
 date of this  act. If Mr. Morrissey and/or  Mr. Mannara elect to partic-
 ipate in the New York state voluntary defined contribution program, such
 elections  shall  be  irrevocable and will terminate their membership in
 New York state and local employees' retirement system.    Oswego  County
 shall  provide  written  notice of these elections to the New York state
 and local employees' retirement system  within  thirty  days  after  the
 notice is received.
   Oswego County shall make the required employer contributions for Craig
 Morrissey and Louis Mannara's participation in the New York state volun-
 tary  defined  contribution  program  pursuant to this act and the state
 university of  New  York  shall  administer  their  membership  in  such
 program. The New York state and local employees' retirement system shall
 be  authorized to reimburse Oswego County for any employer contributions
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD16307-02-0

 A. 10456                            2
 
 made on behalf of Mr. Morrissey and Mr.   Mannara should they  elect  to
 join the New York state voluntary defined contribution program.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would allow Craig Morrissey and Louis Mannara, both employ-
 ees of the County of Oswego, to terminate their current  memberships  in
 the  New  York  State  and  Local Employees' Retirement System (ERS) and
 instead participate in the New York State Voluntary Defined Contribution
 (VDC) program. The ERS shall be authorized to reimburse  the  County  of
 Oswego  for  any  employer  contributions  made  on  the behalf of Craig
 Morrissey and Louis Mannara should they elect to participate in the  VDC
 program.
   If this bill is enacted there would be no cost to 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, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 Annual Report to the Comptroller on Actuarial
 Assumptions, 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, 2019
 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 fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated May 6, 2020, and intended for use only during the
 2020 Legislative Session, is Fiscal Note No. 2020-109, prepared  by  the
 Actuary for the New York State and Local Retirement System.