Grants retroactive membership with Tier IV status in the New York state and local employees' retirement system to Christine Fernandez, formerly Christine Lennard, for her 1984--1985 employment with the Voorheesville public library.
STATE OF NEW YORK
________________________________________________________________________
6573
2023-2024 Regular Sessions
IN ASSEMBLY
April 19, 2023
___________
Introduced by M. of A. BENDETT -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT granting retroactive membership with Tier IV status in the New
York state and local employees' retirement system to Christine Fernan-
dez
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, Christine
2 Fernandez, formerly Christine Lennard, a member of the New York state
3 and local employees' retirement system, who was employed part-time with
4 the Voorheesville public library beginning in September, 1984 through
5 August, 1985 and who is currently employed with the New York State
6 Police, who through no fault of her own was not given the option to
7 become a member of the New York state and local employees' retirement
8 system in 1984 when first employed by the Voorheesville public library,
9 and did not file a membership application in such system until April 2,
10 2020 when she began her employment with the New York State Police, which
11 gave her Tier VI status instead of Tier IV status, shall be deemed to
12 have been a member of the New York state and local employees' retirement
13 system on such date she commenced her employment with the Voorheesville
14 public library in September, 1984, and shall be granted Tier IV status,
15 provided that an application is filed with the head of the New York
16 state and local employees' retirement system within one year from the
17 effective date of this act. Upon the granting of such retroactive
18 membership, Christine Fernandez shall not be granted a refund of any
19 employee contribution made by her to the New York state and local
20 employees' retirement system.
21 § 2. All past service costs associated with the implementation of this
22 act shall be borne by the Voorheesville public library.
23 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10007-02-3
A. 6573 2
This bill would grant Tier 4 status in the New York State and Local
Employees' Retirement System to Christine Fernandez, a current Tier 6
member employed by the Division of State Police, by changing their date
of membership to September 1, 1984. There will be no refund of member
contributions.
If this bill is enacted during the 2023 legislative session, we antic-
ipate that there will be an increase of approximately $8,800 in the
annual contributions of the State of New York for the fiscal year ending
March 31, 2024. In future years, this cost will vary as the billing
rates and salary of Christine Fernandez change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $21,800 which will be
borne by the Voorheesville Public Library as a one-time payment. This
estimate assumes that payment will be made on February 1, 2024.
Summary of relevant resources:
Membership data as of March 31, 2022 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2022 actuari-
al valuation. Distributions and other statistics can be found in the
2022 Report of the Actuary and the 2022 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2020,
2021, and 2022 Annual Report to the Comptroller on Actuarial Assump-
tions, 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, 2022
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 April 17, 2023, and intended for use only during
the 2023 Legislative Session, is Fiscal Note No. 2023-139, prepared by
the Actuary for the New York State and Local Retirement System.
