Senate Bill S5778

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5778
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 14, 2019
                                ___________
 
 Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Civil  Service  and
   Pensions
 
 AN ACT granting retroactive tier IV membership in the New York state and
   local employees' retirement system to Donald R. Linde

   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 to the contrary,
 Donald R. Linde, a member of the New York  state  and  local  employees'
 retirement  system  who is currently employed by the Department of Taxa-
 tion and Finance, who on September 3, 2009 commenced part  time  employ-
 ment  with the State University of New York at Buffalo, and who became a
 member of such retirement system on February  11,  2010,  and  who,  for
 reasons  not ascribable to his own negligence, failed to become a member
 of the New York state and local employees' retirement system on  Septem-
 ber  3,  2009,  shall be deemed to have joined such retirement system on
 September 3, 2009, the commencement of his  employment  with  the  State
 University  of  New York at Buffalo, if within one year of the effective
 date of this act he shall file an application therefor  with  the  state
 comptroller.  Upon receipt of such application, Donald R. Linde shall be
 deemed to have joined the New York state and local employees' retirement
 system during 2009.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the State University of New York at Buffalo, and there
 shall be no refund of member contributions to Donald R. Linde.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will grant Tier 4 status in the New  York  State  and  Local
 Employees' Retirement System to Donald R. Linde, a current Tier 5 member
 employed  by the NYS department of Tax and Finance, by changing his date
 of membership to September 3, 2009, his first date  of  employment  with
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD01773-02-9

 S. 5778                             2
 
 the  State University of New York at Buffalo. There will be no refund of
 member contributions.
   If this bill is enacted during the 2019 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $1,600 in the
 annual contributions of the State University of New York at Buffalo  for
 the  fiscal  year ending March 31, 2020. In future years, this cost will
 vary as the billing rates and salary of Donald Linde change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of $20,300 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, 2020.
   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, 2018  actuarial  valu-
 ation.  Distributions  and  other  statistics  can  be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  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, 2018
 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 7, 2019, and intended for use only during the
 2019  Legislative  Session, is Fiscal Note No. 2019-108, prepared by the
 Actuary for the New York State and Local Retirement System.