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S05544 Summary:

S05544 Actions:

S05544 Committee Votes:

S05544 Floor Votes:

S05544 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5544
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                     March 10, 2021
                                       ___________
 
        Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize Jaime Laczko to elect to participate in the optional
          twenty-five year retirement plan for forest rangers in the service  of
          the department of environmental conservation

          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, Jaime Laczko, a
     2  member of the New York  state  and  local  police  and  fire  retirement
     3  system,  who is employed by the department of environmental conservation
     4  as a full-time forest ranger I,  who  upon  commencing  such  employment
     5  became  a  member of such retirement system subject to the provisions of
     6  section 375-h of the retirement and social security law, who was  eligi-
     7  ble,  at such time, to elect to join the New York state and local police
     8  and fire retirement system subject  to  the  optional  twenty-five  year
     9  retirement  plan  for forest rangers in the service of the department of
    10  environmental conservation pursuant to section 383-c of  the  retirement
    11  and  social security law, and who, for reasons not ascribable to his own
    12  negligence, failed to elect to  participate  in  such  twenty-five  year
    13  retirement  plan,  shall be deemed to have elected to participate in the
    14  retirement plan, established by section  383-c  of  the  retirement  and
    15  social  security  law,  upon  commencement of his employment as a forest
    16  ranger I, if, within 1 year of the effective date of this act, he  shall
    17  file an application therefor with the state comptroller.
    18    §  2.  All  past  costs associated with implementing the provisions of
    19  this act shall be borne by the state of New  York.  Jaime  Laczko  shall
    20  bear  no  costs  associated with the implementation of the provisions of
    21  this act.
    22    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09229-02-1
        S. 5544                             2
 
          This bill will deem Jaime Laczko, a forest  ranger  currently  covered
        under  an  age 55 retirement plan, to have elected to participate in the
        25 year retirement plan established by Section 383-c of  the  Retirement
        and Social Security Law.
          If  this bill is enacted during the 2021 legislative session and Jaime
        Laczko becomes covered under the provisions of Section 383-c, we  antic-
        ipate  that  there  will  be  an increase of approximately $6,700 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 Jaime Laczko change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $41,100 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 March 3, 2021, and intended for use  only  during
        the  2021  Legislative  Session, is Fiscal Note No. 2021-89, prepared by
        the Actuary for the New York State and Local Retirement System.