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S03594 Summary:

S03594 Actions:

S03594 Committee Votes:

S03594 Floor Votes:

S03594 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3594
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    January 30, 2021
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT granting retroactive membership in the New York state  and  local
          employees' retirement system to Shawn Coveny
 
          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, Shawn  Cove-
     2  ny,  an  employee  of  the  New York State Department of Corrections and
     3  Community Supervision and a member of  the  New  York  state  and  local
     4  employees'  retirement system, who was employed as a New York state park
     5  aide for Letchworth State Park as a seasonal employee in the  summer  of
     6  2008,  who  for  reasons not ascribable to his own negligence, failed to
     7  become a member of such retirement  system  during  such  employment  by
     8  Letchworth  State  Park  in 2008, shall be deemed to have joined the New
     9  York state and local employees' retirement system on the  date  May  31,
    10  2008  if,  within  one  year of the effective date of this act, he shall
    11  file a written request with the state comptroller.
    12    § 2. No contributions made to the New York state and local  employees'
    13  retirement  system  by Shawn Coveny shall be returned or refunded to him
    14  pursuant to this act.
    15    § 3. All past service costs of implementing the provisions of this act
    16  shall be borne by the state of New York.
    17    § 4. This act shall take effect immediately.
        FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill will change the date  of  membership  for  Shawn  Coveny,  a
        current Tier 6 member in the New York State and Local Employees' Retire-
        ment System employed by the New York State Department of Corrections and
        Community  Supervision,  to  May  31, 2008, his first date of employment
        with Letchworth State Park. 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.
                                                                   LBD04186-02-1
        S. 3594                             2
 
          If  this  bill  is  enacted during the 2021 legislative session, there
        will be an increase of approximately $5,900 in the annual  contributions
        of  the  State of New York for the fiscal year ending March 31, 2022. In
        future years, this cost will vary as the billing  rates  and  salary  of
        Shawn Coveny change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $5,280 which will be
        borne by the State of New York as a one-time payment. This  estimate  is
        based on the assumption that payment will be made on March 1, 2022.
          Summary of relevant resources:
          Membership  data as of March 31, 2020 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        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, 2020
        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 January 11,  2021,  and  intended  for  use  only
        during  the  2021  Legislative  Session,  is  Fiscal  Note  No. 2021-39,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.