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S02461 Summary:

BILL NOS02461A
 
SAME ASNo Same As
 
SPONSORRHOADS
 
COSPNSR
 
MLTSPNSR
 
 
Authorizes the New York state and local employees' retirement system to accept an application for disability retirement benefits from Andrew Reilly, Jr.
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S02461 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         2461--A
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                    January 17, 2025
                                       ___________
 
        Introduced  by  Sen.  RHOADS -- 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  in relation to authorizing the New York state and local employ-
          ees' retirement system to accept an application for disability retire-
          ment benefits from Andrew Reilly, Jr.
 
          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  the  application  for  disability  retirement benefits of Andrew Reilly,
     3  Jr., who was employed as a clerk for the town  of  Hempstead  Sanitation
     4  District  1  and  a  member  of  the New York state and local employees'
     5  retirement system from March 1995 until October  15,  2020,  suffered  a
     6  stroke  on  February 20, 2020 and who, for reasons not ascribable to his
     7  own negligence, did not apply to the New York state and local employees'
     8  retirement system for disability  retirement  benefits  because  of  the
     9  COVID-19,  novel coronavirus state of emergency, shall be deemed to have
    10  applied to the New York state and local employees' retirement system for
    11  disability retirement benefits within  30  days  of  his  disability  on
    12  February 20, 2020.
    13    § 2. All costs associated with the implementation of this act shall be
    14  borne  by  the  employers of the members of the New York state and local
    15  employees' retirement system.
    16    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would deem Andrew Reilly Jr. to have applied to the New York
        State and Local Employees' Retirement System  (NYSLERS)  for  disability
        benefits within thirty days of their disability on February 20, 2020.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01060-03-6

        S. 2461--A                          2
 
          There  will be an immediate past service cost of $342,000 as of Febru-
        ary 1, 2027, which will be shared  by  all  participating  employers  in
        NYSLERS.
          Summary of relevant resources:
          Membership data as of March 31, 2025 was used to measure the impact of
        the  bill, the same data used in the Actuarial Valuations dated April 1,
        2025. Distributions and other statistics can be found in the 2025 Report
        of the Actuary and the 2025 Annual Comprehensive Financial  Report.  The
        actuarial  assumptions and methods used are described in the 2025 Annual
        Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
        and Regulations of the State of New York: Audit and  Control.  The  fair
        value  of assets and GASB disclosures can be found in the 2025 Financial
        Statements and Supplementary Information.
          Assumptions, demographics, and  other  considerations  may  have  been
        modified  to  better reflect specific provisions of any proposed benefit
        change(s).
          This fiscal note does not constitute a legal opinion on the  viability
        of the bill, nor is it intended to serve as a substitute for the profes-
        sional judgment of an attorney.
          This  estimate,  dated  May 21, 2026, and intended for use only during
        the 2026 Legislative Session, is Fiscal Note Number 2026-204.  As  Chief
        Actuary  of  the New York State and Local Retirement System (NYSLRS), I,
        Aaron Schottin Young, hereby certify that this  analysis  complies  with
        applicable  Actuarial  Standards of Practice as well as the Code of Pro-
        fessional Conduct and  Qualification  Standards  for  Actuaries  Issuing
        Statements of Actuarial Opinion of the American Academy of Actuaries, of
        which  I  am  a  member.  I  am a member of NYSLRS but do not believe it
        impairs my objectivity.
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