Bill Text: NY A08025 | 2021-2022 | General Assembly | Amended

---

Bill Title: Authorizes retroactive Tier III membership in the New York state and local employees' retirement system to Steven R. Grice.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-06-03 - substituted by s7240a [A08025 Detail]

Download: New_York-2021-A08025-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                         8025--A

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      June 7, 2021
                                       ___________

        Introduced by M. of A. HAWLEY -- 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 III membership in the New York state
          and local employees' retirement system to Steven R. Grice

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Notwithstanding  any other law to the contrary, Steven R.
     2  Grice, who is currently a Tier VI member of the New York state and local
     3  employees' retirement system and currently employed  by  the  county  of
     4  Genesee, and who commenced employment with the county of Genesee on June
     5  22,  1981,  and  who,  for reasons not ascribable to his own negligence,
     6  failed to become a member of the New York  state  and  local  employees'
     7  retirement  system in 1981, may be deemed to have become a member of the
     8  New York state and local employees' retirement system on June 22,  1981,
     9  if  within  one  year of the effective date of this act he shall file an
    10  application therefor with the state comptroller. Upon  receipt  of  such
    11  application, Steven R. Grice shall be granted Tier III status in the New
    12  York  state  and  local employees' retirement system and be eligible for
    13  all the rights and benefits thereof. No contributions made  to  the  New
    14  York  state  and  local  employees' retirement system by Steven R. Grice
    15  shall be returned to him pursuant to this act.
    16    § 2. Any past service costs incurred in implementing the provisions of
    17  this act shall be borne by the county of Genesee.
    18    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would grant Tier 3 status in the New York  State  and  Local
        Employees' Retirement System to Steven R. Grice, a current Tier 6 member
        employed  by the County of Genesee, by changing their date of membership

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03514-04-2
        A. 8025--A                          2

        to June 22, 1981, the first date of Steven Grice's employment  with  the
        County of Genesee. There will be no refund of member contributions.
          If this bill is enacted during the 2022 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $3,900 in the
        annual contributions of the County of Genesee for the fiscal year ending
        March 31, 2023. In future years, this cost  will  vary  as  the  billing
        rates and salary of Steven Grice change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $18,600 which will be
        borne by the County of Genesee as a one-time payment. This  estimate  is
        based on the assumption that payment will be made on February 1, 2023.
          Summary of relevant resources:
          Membership  data as of March 31, 2021 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        and  2021 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, 2021
        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 11, 2022, and intended for  use  only  during
        the  2022  Legislative Session, is Fiscal Note No. 2022-139, prepared by
        the Actuary for the New York State and Local Retirement System.