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S07410 Summary:

S07410 Actions:

S07410 Committee Votes:

S07410 Floor Votes:

S07410 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7410--A
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                      May 23, 2023
                                       ___________
 
        Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
 
        AN  ACT  granting  retroactive membership with Tier IV status in the New
          York state and local employees' retirement system to Dawn Ward
 
          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  Dawn  Ward, who was employed with the village of Kensington with a start
     3  date of November 1, 1993, and who is currently a member of the New  York
     4  state  and  local  employees' retirement system, who through no fault of
     5  her own did not become a member of the New York state and local  employ-
     6  ees'  retirement  system  on November 1, 1993 when first employed by the
     7  village of Kensington, shall be deemed to have been a member of the  New
     8  York  state  and  local  employees'  retirement  system on such date she
     9  commenced her employment and shall be granted Tier IV  status,  provided
    10  that  an  application  is  filed with the head of the New York state and
    11  local employees' retirement system within one year  from  the  effective
    12  date  of  this  act.   Upon the granting of such retroactive membership,
    13  Dawn Ward shall not be granted a refund  of  any  employee  contribution
    14  made  by  her  to  the  New  York  state and local employees' retirement
    15  system.
    16    § 2. All past services costs associated  with  the  implementation  of
    17  this act shall be borne by the village of Kensington.
    18    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill would provide Dawn Ward with a date of membership of Novem-
        ber 11, 1993, their date of first employment with the Village  of  Kens-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11489-06-4
        S. 7410--A                          2
 
        ington,  resulting  in  Tier  4  status  in the New York State and Local
        Employees’ Retirement System. Dawn Ward is currently a  Tier  5  member.
        There will be no refund of member contributions.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be  an increase of approximately $2,100 in the
        annual contributions of the Village of Great Neck, $640  in  the  annual
        contributions  of  the  Village  of  Kensington,  and $160 in the annual
        contributions of the Village of  Baxter  Estates  for  the  fiscal  year
        ending  March 31, 2025. In future years this cost will vary as the bill-
        ing rates and salary of Dawn Ward change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $300 which will be borne
        by the Village of  Kensington  as  a  one-time  payment.  This  estimate
        assumes that payment will be made on February 1, 2025.
          Summary of relevant resources:
          Membership  data as of March 31, 2023 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2023
        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, 2023
        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 22,  2024,  and  intended  for  use  only
        during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-79,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.