New York Senate Bill S06188 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6188 2023-2024 Regular Sessions  IN SENATE April 3, 2023 ___________ Introduced by Sen. RHOADS -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT granting retroactive tier V membership in the New York state and local employees' retirement system to Daniel Miller 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, Daniel Miller, 2 a member of the New York state and local employees' retirement system, 3 who was employed on March 7, 2012, by the Town of Hempstead, who, for 4 reasons not ascribable to his own negligence, did not file a membership 5 application in such system until May 21, 2012, which gave him Tier VI 6 status instead of Tier V status, where he would have been had he been 7 able to file a membership application when he became a permanent employ- 8 ee on March 7, 2012, may be deemed to have become a member of the New 9 York state and local employees' retirement system on March 7, 2012 if on 10 or before December 31, 2023 he shall file with the state comptroller a 11 written request to that effect. Upon the granting of such retroactive 12 membership, Daniel Miller shall not be granted a refund of any employee 13 contribution made by him to the New York state and local employees' 14 retirement system. 15 § 2. Any past service costs incurred in implementing the provisions of 16 this act shall be borne by the Town of Hempstead. 17 § 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would grant retroactive Tier 5 status in the New York State and Local Employees' Retirement System to Daniel Miller, a current Tier 6 member employed by the Town of Hempstead, by changing their date of membership to March 7, 2012. There will be no refund of member contrib- utions. If this bill is enacted during the 2023 legislative session, we antic- ipate that there will be an increase of approximately $4,000 in the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07920-02-3 
 S. 6188 2 annual contributions of the Town of Hempstead for the fiscal year ending March 31, 2024. In future years, this cost will vary as the billing rates and salary of Daniel Miller change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $38,000 which will be borne by the Town of Hempstead 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 February 27, 2023, and intended for use only during the 2023 Legislative Session, is Fiscal Note No. 2023-70, prepared by the Actuary for the New York State and Local Retirement System.