What's happening
This bill grants Sal Medak Tier I retirement status in the New York State retirement system retroactive to January 1972.
Why it matters
Allows Sal Medak to have his official retirement system membership date moved back by eight months,. which can increase his pension benefits by including more favorable terms that were available to Tier I members before later changes.
Enables recalculation of his final average salary to include a lump sum payment for unused vacation leave,. potentially boosting his pension payout compared to what he would receive under his current membership date.
Imposes a retroactive cost (about $66,100) on New York State and participating employers,. illustrating how individual pension corrections can create fiscal impacts shared across the broader retirement system.
Highlights the importance of accurate and timely pension system enrollment,. as errors or delays—even those not due to the employee’s fault—can have significant long-term effects on retirement benefits and system costs.
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Who cares
Headline styles
Restore Early Pension Status
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Enacting clause stricken
- Referred to governmental employees
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6747
2017-2018 Regular Sessions
IN ASSEMBLY
March 16, 2017
Introduced by M. of A. LOPEZ -- read once and referred to the Committee on Governmental Employees
AN ACT in relation to granting Sal Medak Tier I status in the New York state and local employees' retirement system with a membership date of January 1972
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any inconsistent provision of law, Sal Medak, who has been employed with the New York city education department since January of 1972, and for reasons not ascribable to his own negligence did not become a member of the New York state and local employees' retirement system at the time of his hiring and who is currently a Tier I member of the New York state and local employees' retirement system with a membership date of September 1972 shall be deemed to have become a member of such system as of January 1, 1972 entitling him to Tier I status with every right, benefit and privilege which would have been available to him on such date.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--
This bill would deem retired tier 1 member Sal Medak to have become a
member of the New York State and Local Employees' Retirement System
(ERS) on January 1, 1972, thereby granting him the right to have his
final average salary recalculated with the inclusion of the lump sum
payment made for his unused vacation leave.
If this bill is enacted, there will be past service cost of approxi-
mately $66,100 which will be shared by the state of New York and the
participating employers in 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, 2016 actuarial valu-
ation. Distributions and other statistics can be found in the 2016
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07721-02-7
A. 6747 2
Report of the Actuary and the 2016 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
and 2016 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, 2016
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, 2017, and intended for use only during
the 2017 Legislative Session, is Fiscal Note No. 2017-71, prepared by
the Actuary for the New York State and Local Retirement System.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.