New York Assembly Bill A06993 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6993 2025-2026 Regular Sessions  IN ASSEMBLY March 18, 2025 ___________ Introduced by M. of A. DURSO -- read once and referred to the Committee on Governmental Employees AN ACT to authorize Anthony A. Fede Tier I 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, Anthony A. 2 Fede, who is currently retired and who was first eligible to join the 3 public retirement system as of March 17, 1970 and who was employed by 4 the Sewanhaka Central High School District from March 17, 1970 to August 5 10, 1973 and who for reasons not ascribable to his own negligence was 6 not afforded the opportunity to join the New York state and local 7 employees' retirement system with Tier I status, shall be deemed to have 8 become a member of the New York state and local employees' retirement 9 system as of March 17, 1970; and shall have Tier I status, if, no later 10 than one year after the effective date of this act he shall file a writ- 11 ten request with the state comptroller. Upon receipt of such request, 12 the retirement benefit shall be calculated and payment shall be made 13 retroactive to his date of retirement. 14 § 2. No contributions made to the New York state and local employees' 15 retirement system shall be returned or refunded to Anthony A. Fede 16 pursuant to this act. 17 § 3. All past service costs associated with the implementation of this 18 act shall be borne by all participating employers in the New York state 19 and local employees' retirement system. 20 § 4. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would provide Anthony A. Fede with a date of membership of March 17, 1970, their date of first employment with the Sewanhaka Central School District, resulting in Tier 1 status in the New York State and Local Employees' Retirement System (NYSLERS). Anthony A. Fede EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04081-02-5 
 A. 6993 2 is currently a Tier 4 retiree. Their retirement benefit will be recalcu- lated and payment will be made retroactive to their date of retirement. There will be no refund of member contributions. If this bill is enacted during the 2025 Legislative Session, there will be an immediate past service cost of approximately $222,000. This cost will be shared by the State of New York and the Local participating employers in the NYSLERS. Summary of relevant resources: Membership data as of March 31, 2024 was used in measuring the impact of the proposed change, the same data used in the April 1, 2024 actuari- al valuation. Distributions and other statistics can be found in the 2024 Report of the Actuary and the 2024 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2024 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, 2024 New York State and Local Retirement System Financial Statements and Supplementary Information. 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 26, 2025, and intended for use only during the 2025 Legislative Session, is Fiscal Note No. 2025-87. As Chief Actuary of the New York State and Local Retirement System, I, Aaron Schottin Young, hereby certify that this analysis complies with applicable Actuarial Standards of Practice as well as the Code of Professional Conduct and Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion of the American Academy of Actuaries, of which I am a member.