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S07498 Summary:

BILL NOS07498
 
SAME ASSAME AS A08051
 
SPONSORMARTUCCI
 
COSPNSR
 
MLTSPNSR
 
 
Grants retroactive membership with tier IV status in the New York state and local employees' retirement system to Dana Kerstanski.
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S07498 Actions:

BILL NOS07498
 
11/03/2021REFERRED TO RULES
01/05/2022REFERRED TO CIVIL SERVICE AND PENSIONS
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S07498 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7498
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    November 3, 2021
                                       ___________
 
        Introduced  by Sen. MARTUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT granting retroactive tier IV status in the  New  York  state  and
          local employees' retirement system to Dana Kerstanski
 
          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  Dana Kerstanski, who was employed as a  substitute  custodian  with  the
     3  Warwick  Valley  school  district with a start date of May 10, 2006, and
     4  who is currently a member of the New York  state  and  local  employees'
     5  retirement  system,  who  through  no  fault of his own did not become a
     6  member of the New York state and local employees' retirement  system  on
     7  May  10,  2006 when first employed by the Warwick Valley school district
     8  shall be deemed to have been a member of the New York  state  and  local
     9  employees'  retirement  system  on such date he commenced his employment
    10  and shall be granted Tier IV status, provided  that  an  application  is
    11  filed  with  the head of the New York state and local employees' retire-
    12  ment system within one year from the effective date of this act.    Upon
    13  the  granting  of such retroactive membership, Dana Kerstanski shall not
    14  be granted a refund of any employee contributed made by him to  the  New
    15  York state and local employees' retirement system.
    16    §  2.  All  past  services costs associated with the implementation of
    17  this act shall be borne by the Warwick Valley school district.
    18    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would grant Tier 4 status in the New York  State  and  Local
        Employees' Retirement System to Dana Kerstanski, a current Tier 6 member
        employed by the Monroe Woodbury Central School District, by changing his
        date  of  membership  to May 10, 2006. There will be no refund of member
        contributions.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10973-05-1

        S. 7498                             2
 
          If this bill is enacted during the 2021 legislative session, we antic-
        ipate that there will be an increase  of  approximately  $4,900  in  the
        annual  contributions of the Monroe Woodbury Central School District for
        the fiscal year ending March 31, 2022. In future years, this  cost  will
        vary as the billing rates and salary of Dana Kerstanski change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $47,400 which will be
        borne by the Warwick  Valley  Central  School  District  as  a  one-time
        payment.  This  estimate is based on the assumption that payment will be
        made on February 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  May 19, 2021, and intended for use only during
        the 2021 Legislative Session, is Fiscal Note No. 2021-139,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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