S T A T E   O F   N E W   Y O R K
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                                  6198

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 17, 2015
                               ___________

Introduced  by M. of A. CERETTO -- read once and referred to the Commit-
  tee on Governmental Employees

AN ACT in relation to allowing Charles McDonough to file a  request  for
  Tier  II  status 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 any other provision of law, Charles McDo-
nough, who has been employed by the Town of Grand Island  since  October
29,  1979,  who  is  a  Tier  III member of the New York state and local
employees' retirement system, and who was  employed  by  the  office  of
parks,  recreation  and historic preservation at the Beaver Island state
park in Erie County for the period beginning June 24,  1975  and  ending
November  1975;  and  who,  for reasons not ascribable to his own negli-
gence, did not become a member of the New York state and  local  employ-
ees'  retirement  system  at  the time of his hiring, shall be deemed to
have become a member of such system as of June 24, 1975 entitling him to
Tier II status with every right, benefit and privilege which would  have
been  available to him on such date if, within one year of the effective
date of this act, he shall file a written request to  that  effect  with
the state comptroller. Upon the granting of such retroactive membership,
Charles  McDonough  shall  be  granted a refund of any employee contrib-
utions made by him to the New York state and local employees' retirement
system.
  S 2. All past service costs associated with the implementation of this
act shall be borne by the state of New York.
  S 3. 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
Employees'  Retirement  System  to  Charles  McDonough, a current Tier 3
member employed by the town of Grand Island, by  changing  his  date  of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09462-03-5
              

A. 6198                             2

membership  to  June  24,  1975,  his  first date of employment with the
office of parks, recreation and  historic  preservation  at  the  Beaver
Island  State  park  in  Erie  County.  There will be a refund of member
contributions.
  If this legislation is enacted during the 2015 legislative session, we
anticipate that there will be an increase of approximately $2,740 in the
annual  contributions  of  the  town of Grand Island for the fiscal year
ending March 31, 2016. In future years, this cost will vary as the bill-
ing rates and salary of Charles McDonough change.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $103,000 which  will  be
borne  by the State of New York. The estimate is based on the assumption
that payment will be made on March 1, 2016.
  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, 2014 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2014
Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012, 2013 and 2014 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, 2014
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 March 3, 2015, and intended for use  only  during
the 2015 Legislative Session, is Fiscal Note No. 2015-78 prepared by the
Actuary for the New York State and Local Employees' Retirement System.