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S05691 Summary:

S05691 Actions:

S05691 Committee Votes:

S05691 Floor Votes:

S05691 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5691
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                     March 16, 2021
                                       ___________
 
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to David Goodman
 
          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 to the contrary,
     2  David  Goodman,  a  member  of  the  New York state and local employees'
     3  retirement system, who on November 24, 2009 commenced part time  employ-
     4  ment  with  the  town  of  Marcy, and who applied for membership in such
     5  retirement system on December 2, 2009, and who, for reasons not ascriba-
     6  ble to his own negligence, failed to become a member  of  the  New  York
     7  state  and  local  employees'  retirement system on December 2, 2009 and
     8  therefore has tier VI instead of tier IV status, shall be deemed to have
     9  joined such retirement system on November 24, 2009, the commencement  of
    10  his  employment with the town of Marcy, if within one year of the effec-
    11  tive date of this act he shall file an  application  therefor  with  the
    12  state comptroller. Upon receipt of such application, David Goodman shall
    13  be deemed to have joined the New York state and local employees' retire-
    14  ment system on November 24, 2009.
    15    § 2. All past service costs of implementing the provisions of this act
    16  shall  be  borne  by  the town of Marcy, and there shall be no refund of
    17  member contributions to David Goodman.
    18    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow David Goodman, currently a Tier 6 member of  the
        New  York  State  and  Local Employees' Retirement System, to elect into
        Tier 4 by changing his date of membership to November  24,  2009.  There
        will be no refund of member contributions.
          If this bill is enacted during the 2021 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $7,000 in the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03501-03-1
        S. 5691                             2
 
        annual contributions of Mohawk Valley Psychiatric Center for the  fiscal
        year  ending March 31, 2022. In future years, this cost will vary as the
        billing rates and salary of David Goodman change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $9,010 which will be
        borne by the Town of Marcy as a one-time payment. This estimate is based
        on the assumption that payment will be made on February 1, 2022.
          Summary of relevant resources:
          Membership data as of March 31, 2020 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        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, 2020
        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 March 5, 2021, and intended for use only during
        the 2021 Legislative Session, is Fiscal Note No.  2021-83,  prepared  by
        the Actuary for the New York State and Local Retirement System.