STATE OF NEW YORK
________________________________________________________________________
7353--A
2019-2020 Regular Sessions
IN ASSEMBLY
April 26, 2019
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Introduced by M. of A. McDONOUGH -- read once and referred to the
Committee on Governmental Employees -- recommitted to the Committee on
Governmental Employees in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT granting retroactive tier V membership in the New York state and
local employees' retirement system to Daniel Miller
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, Daniel Miller,
2 a member of the New York state and local employees' retirement system,
3 who was employed on March 7, 2012, by the Town of Hempstead, who, for
4 reasons not ascribable to his own negligence, did not file a membership
5 application in such system until May 21, 2012, which gave him Tier VI
6 status instead of Tier V status, where he would have been had he been
7 able to file a membership application when he became a permanent employ-
8 ee on March 7, 2012, may be deemed to have become a member of the New
9 York state and local employees' retirement system on March 7, 2012 if on
10 or before December 31, 2020 he shall file with the state comptroller a
11 written request to that effect. Upon the granting of such retroactive
12 membership, Daniel Miller shall not be granted a refund of any employee
13 contribution made by him to the New York state and local employees'
14 retirement system.
15 § 2. Any past service costs incurred in implementing the provisions of
16 this act shall be borne by the Town of Hempstead.
17 § 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill will grant retroactive Tier 5 status in the New York State
and Local Employees' Retirement System to Daniel Miller, a current Tier
6 member employed by the Town of Hempstead, by changing his date of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10980-04-0
A. 7353--A 2
membership to March 7, 2012. There will be no refund of member contrib-
utions.
If this bill is enacted during the 2020 legislative session, we antic-
ipate that there will be an increase of approximately $3,800 in the
annual contributions of the Town of Hempstead for the fiscal year ending
March 31, 2021. In future years, this cost will vary as the billing
rates and salary of Daniel Miller change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of $36,300 which will be borne by the
Town of Hempstead as a one-time payment. This estimate is based on the
assumption that payment will be made on February 1, 2021.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2019 actuarial valu-
ation. Distributions and other statistics can be found in the 2019
Report of the Actuary and the 2019 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017, 2018 and 2019 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, 2019
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 June 10, 2020, and intended for use only during
the 2020 Legislative Session, is Fiscal Note No. 2020-87, prepared by
the Actuary for the New York State and Local Retirement System.
