Grant Tier IV to Employee

Section 1. Notwithstanding any other provision of law, Patricia Gill- Davanzo, a member of the New York State and Local Employees' Retirement System (NYSERS) with Tier V status, who was employed by the North Babylon Union Free School District on June 16, 1993 and who for reasons not ascribable to her own negligence was not offered membership in the New York State and Local Employees' Retirement System on June 16, 1993 as a Tier IV member, shall, upon application filed with the state comptroller on or before December 31, 2017, be reclassified as a Tier IV member with June 16, 1993 as her date of membership and shall be entitled to every right, benefit and privilege which would have been available to her in accordance with Tier IV status.

§ 2. No contributions made to the New York state and local employees' retirement system by Patricia Gill-Davanzo shall be returned or refunded to her pursuant to this act.

§ 3. All past service costs associated with the implementation of this act shall be borne by the North Babylon Union Free School District.

§ 4. 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 Patricia Gill-Davanzo, a current Tier 5

member employed by the North Babylon Union Free School District, by

changing her date of membership to June 16, 1993. There will be no

refund of member contributions.

If this legislation is enacted during the 2017 legislative session, we

anticipate that there will be an increase of approximately $1,700 in the

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD05500-02-7

S. 2944 2

annual contributions of the North Babylon Union Free School District for

the fiscal year ending March 31, 2018. In future years, this cost will

vary as the billing rates and salary of Patricia Gill-Davanzo change.

In addition to the annual contributions discussed above, there will be

an immediate past service cost of approximately $17,800 which will be

borne by the North Babylon Union Free School District as one-time

payment. This estimate is based on the assumption that payment will be

made on February 1, 2018.

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

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 January 12, 2017 and intended for use only during

the 2017 Legislative Session, is Fiscal Note No. 2017-8, prepared by the

Actuary for the New York State and Local Retirement System.