STATE OF NEW YORK
________________________________________________________________________
5108
2021-2022 Regular Sessions
IN SENATE
February 23, 2021
___________
Introduced by Sen. BROOKS -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
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-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03566-02-1
S. 5108 2
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.
If this bill is enacted during the 2021 legislative session, there
will be an immediate past service cost of approximately $169,000. This
cost would be shared by the State of New York and the participating
employers in the ERS.
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 February 19, 2021, and intended for use only
during the 2021 Legislative Session, is Fiscal Note No. 2021-82,
prepared by the Actuary for the New York State and Local Retirement
System.
