STATE OF NEW YORK
________________________________________________________________________
10811
IN ASSEMBLY
July 15, 2020
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Gunther) --
read once and referred to the Committee on Governmental Employees
AN ACT granting retroactive tier IV membership in the New York state and
local employees' retirement system to David Goodman
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 David Goodman, a member of the New York state and local employees'
3 retirement system, who on November 24, 2009 commenced part time employ-
4 ment with the town of Marcy, and who applied for membership in such
5 retirement system on December 2, 2009, and who, for reasons not ascriba-
6 ble to his own negligence, failed to become a member of the New York
7 state and local employees' retirement system on December 2, 2009 and
8 therefore has tier V instead of tier IV status, shall be deemed to have
9 joined such retirement system on November 24, 2009, the commencement of
10 his employment with the town of Marcy, if within one year of the effec-
11 tive date of this act he shall file an application therefor with the
12 state comptroller. Upon receipt of such application, David Goodman shall
13 be deemed to have joined the New York state and local employees' retire-
14 ment system on November 24, 2009.
15 § 2. All past service costs of implementing the provisions of this act
16 shall be borne by the town of Marcy, and there shall be no refund of
17 member contributions to David Goodman.
18 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow David Goodman, currently a Tier 6 member of the
New York State and Local Employees' Retirement System, to elect into
Tier 4 by changing his date of membership to November 24, 2009. There
will be no refund of member contributions.
If this bill is enacted during the 2020 legislative session, we antic-
ipate that there will be an increase of approximately $5,500 in the
annual contributions of the Mohawk Valley Psychiatric Center for the
fiscal year ending March 31, 2021. In future years, this cost will vary
as the billing rates and salary of David Goodman change.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15820-03-0
A. 10811 2
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $46,800 which will be
borne by the Town of Marcy 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 23, 2020, and intended for use only during
the 2020 Legislative Session, is Fiscal Note No. 2020-124, prepared by
the Actuary for the New York State and Local Retirement System.