STATE OF NEW YORK
________________________________________________________________________
8025--A
2021-2022 Regular Sessions
IN ASSEMBLY
June 7, 2021
___________
Introduced by M. of A. HAWLEY -- read once and referred to the Committee
on Governmental Employees -- recommitted to the Committee on Govern-
mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT granting retroactive tier III membership in the New York state
and local employees' retirement system to Steven R. Grice
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other law to the contrary, Steven R.
2 Grice, who is currently a Tier VI member of the New York state and local
3 employees' retirement system and currently employed by the county of
4 Genesee, and who commenced employment with the county of Genesee on June
5 22, 1981, and who, for reasons not ascribable to his own negligence,
6 failed to become a member of the New York state and local employees'
7 retirement system in 1981, may be deemed to have become a member of the
8 New York state and local employees' retirement system on June 22, 1981,
9 if within one year of the effective date of this act he shall file an
10 application therefor with the state comptroller. Upon receipt of such
11 application, Steven R. Grice shall be granted Tier III status in the New
12 York state and local employees' retirement system and be eligible for
13 all the rights and benefits thereof. No contributions made to the New
14 York state and local employees' retirement system by Steven R. Grice
15 shall be returned to him pursuant to this act.
16 § 2. Any past service costs incurred in implementing the provisions of
17 this act shall be borne by the county of Genesee.
18 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would grant Tier 3 status in the New York State and Local
Employees' Retirement System to Steven R. Grice, a current Tier 6 member
employed by the County of Genesee, by changing their date of membership
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03514-04-2
A. 8025--A 2
to June 22, 1981, the first date of Steven Grice's employment with the
County of Genesee. There will be no refund of member contributions.
If this bill is enacted during the 2022 legislative session, we antic-
ipate that there will be an increase of approximately $3,900 in the
annual contributions of the County of Genesee for the fiscal year ending
March 31, 2023. In future years, this cost will vary as the billing
rates and salary of Steven Grice change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $18,600 which will be
borne by the County of Genesee as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2023.
Summary of relevant resources:
Membership data as of March 31, 2021 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2021 actuari-
al valuation. Distributions and other statistics can be found in the
2021 Report of the Actuary and the 2021 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
and 2021 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, 2021
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 May 11, 2022, and intended for use only during
the 2022 Legislative Session, is Fiscal Note No. 2022-139, prepared by
the Actuary for the New York State and Local Retirement System.