Bill Text: NY A06931 | 2019-2020 | General Assembly | Amended

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Bill Title: Relates to granting retroactive tier IV membership in the NY state and local employees' retirement system for Rebecca Leonard.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-02-05 - print number 6931a [A06931 Detail]

Download: New_York-2019-A06931-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         6931--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                     March 27, 2019
                                       ___________

        Introduced  by M. of A. STERN -- read once and referred to the Committee
          on Governmental Employees -- recommitted to the Committee  on  Govern-
          mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
          tee  discharged, bill amended, ordered reprinted as amended and recom-
          mitted to said committee

        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to Rebecca Leonard

          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,  Rebecca
     2  Leonard, formerly Rebecca Abensur, a member of the New  York  state  and
     3  local  employees'  retirement system, who was employed in November 2007,
     4  by Half Hollow Hills Central School District, who did not file a member-
     5  ship application in such system until 2010, which gave her Tier V status
     6  instead of Tier IV status, where she would have been  had  she  filed  a
     7  membership  application when she became a permanent employee in November
     8  2007 may be deemed to have become a member of the  New  York  state  and
     9  local  employees' retirement system in November 2007 if, within one year
    10  of the effective date of this act, she shall file with the  state  comp-
    11  troller  a  written  request  to  that effect. Upon the granting of such
    12  retroactive membership, Rebecca Leonard shall not be granted a refund of
    13  any employee contribution made by her to the New York  state  and  local
    14  employees' retirement system.
    15    § 2. All past service costs associated with the implementation of this
    16  act shall be borne by the county of Nassau.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 4 status in the New York State and Local
        Employees' Retirement System to Rebecca Leonard, a current Tier 5 member
        employed by Nassau County, by changing her date of membership to  Novem-
        ber  2007,  her  first  date  of  employment  with the Half Hollow Hills

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07966-04-0
        A. 6931--A                          2

        Central School District. There will be  no  refund  of  member  contrib-
        utions.
          If this legislation is enacted during the 2020 legislative session, we
        anticipate that there will be an increase of approximately $2,400 in the
        annual  contributions  of Nassau County for the fiscal year ending March
        31, 2021. In future years, this cost will vary as the billing rates  and
        salary of Rebecca Leonard change.
          In addition to the annual contributions discussed above, there will be
        an  immediate past service cost of $16,100 which will be borne by Nassau
        County as a one-time payment. This estimate is based on  the  assumption
        that payment will be made on February 1, 2021.
          Summary of relevant resources:
          The  membership  data  used  in  measuring  the impact of the proposed
        change was the same as that used in the March 31, 2019  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2019
        Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017, 2018 and 2019 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, 2019
        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  January  22,  2020,  and intended for use only
        during the  2020  Legislative  Session,  is  Fiscal  Note  No.  2020-23,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.