STATE OF NEW YORK
________________________________________________________________________
9923
IN ASSEMBLY
February 27, 2020
___________
Introduced by M. of A. LiPETRI -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT to authorize Anthony A. Fede Tier I status in the New York state
and local employees' retirement system
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, Anthony A.
2 Fede, who is currently retired and who was first eligible to join the
3 public retirement system as of March 17, 1970 and who was employed by
4 the Sewanhaka Central High School District from March 17, 1970 to August
5 10, 1973 and who for reasons not ascribable to his own negligence was
6 not afforded the opportunity to join the New York state and local
7 employees' retirement system with Tier I status, shall be deemed to have
8 become a member of the New York state and local employees' retirement
9 system as of March 17, 1970; and shall have Tier I status, if, no later
10 than one year after the effective date of this act he shall file a writ-
11 ten request with the state comptroller. Upon receipt of such request,
12 the retirement benefit shall be calculated and payment shall be made
13 retroactive to his date of retirement.
14 § 2. No contributions made to the New York state and local employees'
15 retirement system shall be returned or refunded to Anthony A. Fede
16 pursuant to this act.
17 § 3. All past service costs associated with the implementation of this
18 act shall be borne by all participating employers in the New York state
19 and local employees' retirement system.
20 § 4. This act shall take effect immediately.
Fiscal Note.--Pursuant to Legislative Law, Section 50:
This bill will grant Tier 1 status in the New York State and Local
Employees' Retirement System (ERS) to Anthony A. Fede, a retired Tier 4
member, by changing his date of membership to March 17, 1970, his first
date of employment with Sewanhaka Central School District. The retire-
ment benefit will be recalculated and payment will be made retroactive
to his date of retirement. There will be no refund of member contrib-
utions.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06867-04-0
A. 9923 2
If this bill is enacted during the 2020 legislative session, there
will be an immediate past service cost of approximately $159,000. This
cost would be shared by the State of New York and the participating
employers in the ERS.
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 February 20, 2020, and intended for use only
during the 2020 Legislative Session, is Fiscal Note No. 2020-54,
prepared by the Actuary for the New York State and Local Retirement
System.
