New York Senate Bill S03010 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 3010 2023-2024 Regular Sessions  IN SENATE January 26, 2023 ___________ Introduced by Sen. ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to authorize George A. Amendola 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: 1 Section 1. Notwithstanding any other provision of law, George A. 2 Amendola, who was first eligible to join the public retirement system as 3 of September 20, 1974 and who was employed by the Niagara Falls school 4 district from September 20, 1974 to June 2, 1978 and who for reasons not 5 ascribable to his own negligence was not afforded the opportunity to 6 join the New York state and local employees' retirement system with Tier 7 II status, shall be deemed to have become a member of the New York state 8 and local employees' retirement system as of September 20, 1974; and 9 shall have Tier II status, if, no later than one year after the effec- 10 tive date of this act he shall file a written request with the state 11 comptroller; and upon receipt of such application, the comptroller shall 12 recalculate George Amendola's retirement benefits and thereafter pay 13 such benefits accordingly as if he shall have been deemed to have joined 14 such retirement system on September 20, 1974. 15 § 2. No contributions made to the New York state and local employees' 16 retirement system shall be returned or refunded to George A. Amendola 17 pursuant to this act. 18 § 3. All past service costs associated with the implementation of this 19 act shall be borne by the Niagara Falls school district. 20 § 4. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would grant Tier 2 status to George A. Amendola, a retired Tier 4 member of the New York State and Local Employees' Retirement System, by changing their date of membership to September 20, 1974, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04751-02-3 
 S. 3010 2 their first date of employment with the Niagara Falls City School District. There will be no refund of member contributions. If this bill is enacted during the 2023 legislative session, there will be an immediate past service cost of approximately $33,600 which will be borne by the Niagara Falls City School District as a one-time payment. This estimate assumes that payment will be made on February 1, 2024. Summary of relevant resources: Membership data as of March 31, 2022 was used in measuring the impact of the proposed change, the same data used in the April 1, 2022 actuari- al valuation. Distributions and other statistics can be found in the 2022 Report of the Actuary and the 2022 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2020, 2021, and 2022 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, 2022 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 January 25, 2023, and intended for use only during the 2023 Legislative Session, is Fiscal Note No. 2023-032, prepared by the Actuary for the New York State and Local Retirement System.