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.
