Bill Text: NY A07583 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 7583

Introduced

Bill Title: Grants Tier IV status in the New York state and local employees' retirement system to Vincent Stark.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-01 - enacting clause stricken [A07583 Detail]

Download: New_York-2023-A07583-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                          7583

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 25, 2023
                                       ___________

        Introduced  by  M.  of  A. SANTABARBARA -- read once and referred to the
          Committee on Governmental Employees

        AN ACT in relation to granting Tier IV status in the New York state  and
          local employees' retirement system to Vincent Stark

          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  Vincent Stark, an employee of  the  Albany  County  District  Attorney's
     3  Office  and  a member of the New York state and local employees' retire-
     4  ment system, who was employed as an  intern  with  the  New  York  State
     5  Assembly  from  January  3, 2005 until July 1, 2005, who for reasons not
     6  ascribable to his own negligence, failed to  become  a  member  of  such
     7  retirement  system during such employment with the New York State Assem-
     8  bly in 2005, shall be deemed to have joined the New York state and local
     9  employees' retirement system on the date January 3, 2005  and  shall  be
    10  granted Tier IV status in such retirement system, if, within one year of
    11  the effective date of this act, he shall file a written request with the
    12  state comptroller.
    13    §  2. No contributions made to the New York state and local employees'
    14  retirement system by Vincent Stark shall be returned or refunded to  him
    15  pursuant to this act.
    16    § 3. All past service costs of implementing the provisions of this act
    17  shall be borne by the state of New York.
    18    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill would grant retroactive Tier 4 status in the New York State
        and Local Employees' Retirement System to Vincent Stark, a current  Tier
        5  member  employed  by the Albany County District Attorney's Office, by
        changing their date of membership to January 3, 2005. There will  be  no
        refund of member contributions.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11176-02-3

        A. 7583                             2

          If this bill is enacted during the 2023 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $2,400 in the
        annual contributions of the County of Albany for the fiscal year  ending
        March  31,  2024.  In  future  years, this cost will vary as the billing
        rates and salary of Vincent Stark change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $55,600 which will be
        borne by the State of New York as  a  one-time  payment.  This  estimate
        assumes that payment will be made on March 1, 2024.
          Summary of relevant resources:
          Membership  data as of March 31, 2022 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2022 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in the  2020,
        2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
        tions, 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, 2022
        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 18, 2023, and intended for  use  only  during
        the  2023  Legislative Session, is Fiscal Note No. 2023-159, prepared by
        the Actuary for the New York State and Local Retirement System.