STATE OF NEW YORK
________________________________________________________________________
9889
IN ASSEMBLY
April 26, 2024
___________
Introduced by M. of A. BENDETT -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT granting retroactive tier IV status in the New York state and
local employees' retirement system to Joanne De Vito
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 Joanne De Vito, who was employed as a camp counselor with the Town of
3 Poestenkill with a start date of July 1, 1985, and who is currently a
4 member of the New York state and local employees' retirement system with
5 the department of transportation, who through no fault of her own did
6 not become a member of the New York state and local employees' retire-
7 ment system on July 1, 1985 when first employed by the Town of Poesten-
8 kill shall be deemed to have been a member of the New York state and
9 local employees' retirement system on such date she commenced her
10 employment and shall be granted Tier IV status, provided that an appli-
11 cation is filed with the head of the New York state and local employees'
12 retirement system within one year from the effective date of this act.
13 Upon the granting of such retroactive membership, Joanne De Vito shall
14 not be granted a refund of any employee contributions made by her to the
15 New 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 Town of Poestenkill.
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 Joanne De Vito, a current Tier 6 member
employed by the New York State Department of Transportation, by changing
their date of membership to July 1, 1985, their first date of employment
with the Town of Poestenkill. There will be no refund of member contrib-
utions.
If this bill is enacted during the 2024 Legislative Session, we antic-
ipate that there will be an increase of approximately $5,300 in the
annual contributions of the State of New York for the fiscal year ending
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14801-02-4
A. 9889 2
March 31, 2025. In future years this cost will vary as the billing rates
and salary of Joanne De Vito change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $15,100 which will be
borne by the Town of Poestenkill as a one-time payment. This estimate
assumes that payment will be made on February 1, 2025.
Summary of relevant resources:
Membership data as of March 31, 2023 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2023 actuari-
al valuation. Distributions and other statistics can be found in the
2023 Report of the Actuary and the 2023 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2023
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, 2023
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 April 3, 2024, and intended for use only during
the 2024 Legislative Session, is Fiscal Note No. 2024-157, prepared by
the Actuary for the New York State and Local Retirement System.
