Restore Tier IV for Goodfellow

Section 1. Notwithstanding any other provision of law, Scott Goodfellow, a member of the New York state and local employees' retirement system, who was employed on December 28, 2009, by the county of St. Lawrence department of corrections, and who filed membership application in such system on December 28, 2009, which should have given him Tier IV status but for reasons not ascribable to his own negligence and due to an administrative error, the application was not processed in the usual manner and therefore not processed until January 4, 2010, may be deemed to have become a member of the New York state and local employees' retirement system on December 28, 2009, if within one year from the date this act shall have become a law he shall file an application therefor with the state comptroller. Upon the receipt of such application, Scott Goodfellow shall be granted Tier IV status in the New York state and local employees' retirement system and be eligible for all the rights and benefits thereof. No contributions made to the New York state and local employees' retirement system by Scott Goodfellow shall be returned to him pursuant to this act.

§ 2. Any past service costs incurred in implementing the provisions of this act shall be borne by the county of St. Lawrence.

§ 3. This act shall take effect immediately.

FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

This bill will grant retroactive Tier 4 status in the New York State

and Local Employees' Retirement System to Scott R. Goodfellow, a current

Tier 5 member employed by the NYS Power Authority, by changing his date

of membership to December 28, 2009, his first date of employment with

the county of St. Lawrence department of corrections. There will be no

refund of member contributions.

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

[ ] is old law to be omitted.

LBD02564-03-8

S. 8276 2

If this bill is enacted during the 2018 legislative session, there

will be an increase of approximately $2,300 in the annual contributions

of the NYS Power Authority for the fiscal year ending March 31, 2019. In

future years, this cost will vary as the billing rates and salaries of

Scott R. Goodfellow change.

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

an immediate past service cost of approximately $2,850 which will be

borne by the county of St. Lawrence as a one-time payment. This esti-

mate is based on the assumption that payment will be made on February 1,

2019.

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, 2017 actuarial valu-

ation. Distributions and other statistics can be found in the 2017

Report of the Actuary and the 2017 Comprehensive Annual Financial

Report.

The actuarial assumptions and methods used are described in the 2015,

2016, and 2017 Annual Report to the Comptroller on Actuarial Assump-

tions, 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, 2017

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 April 23, 2018, and intended for use only during

the 2018 Legislative Session, is Fiscal No. 2018-87, prepared by the

Actuary for the New York State and Local Retirement System.