Bill Text: NY A10316 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to granting retroactive Tier II membership in the New York state and local police and fire retirement system for Giuseppe T. Rosini.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-05-13 - referred to governmental employees [A10316 Detail]

Download: New_York-2021-A10316-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10316

                   IN ASSEMBLY

                                      May 13, 2022
                                       ___________

        Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
          J. A. Giglio) -- read once and referred to the  Committee  on  Govern-
          mental Employees

        AN ACT granting retroactive Tier II membership in the New York state and
          local police and fire retirement system to Giuseppe T. Rosini

          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,  Giuseppe  T.
     2  Rosini, a member of the New York state and local police and fire retire-
     3  ment  system, who was employed in October 2004, by the Wading River Fire
     4  District, who, for reasons not ascribable to his own negligence, did not
     5  file a membership application in the New York state and local police and
     6  fire retirement system, and did not become a  member  of  the  New  York
     7  state  and  local  police  and fire retirement system until December 15,
     8  2014, which gave him Tier VI status instead of Tier II status, where  he
     9  would  have  been had he been able to file a membership application when
    10  he became an employee in October 2004 may be deemed  to  have  become  a
    11  member of the New York state and local police and fire retirement system
    12  on  October  25,  2004 if, within one year of the effective date of this
    13  act, he shall file with the state comptroller a written request to  that
    14  effect.  Upon  the  granting of such retroactive membership, Giuseppe T.
    15  Rosini shall not be granted a refund of any employee  contribution  made
    16  by  him  to  the  New  York  state  and local police and fire retirement
    17  system.
    18    § 2. All past service costs associated with the implementation of this
    19  act shall be borne by the Wading River Fire District.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would grant Tier 2 status in the New York  State  and  Local
        Police  and  Fire Retirement System (NYSLPFRS) for Giuseppe T. Rosini, a
        current Tier 6 member of the NYSLPFRS employed by the Town of Riverhead,
        by changing his date of membership to  October  25,  2004.  Giuseppe  T.
        Rosini  was  previously  employed  by  the Wading River Fire District, a
        participating employer in  the  New  York  State  and  Local  Employees'

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14593-04-2
        A. 10316                            2

        Retirement  System,  beginning  October 2004. There will be no refund of
        member contributions. All past service costs will be borne by the Wading
        River Fire District.
          If this bill is enacted during the 2022 legislative session, we antic-
        ipate  that  there  will  be an increase of approximately $17,000 in the
        annual contributions of the Town of Riverhead for the fiscal year ending
        March 31, 2023. In future years, this cost  will  vary  as  the  billing
        rates and salary of Giuseppe T. Rosini change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $15,200 which will be
        borne by the Wading River Fire District  as  a  one-time  payment.  This
        estimate  is based on the assumption that payment will be made on Febru-
        ary 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 April 25, 2022, and intended for use only during
        the 2022 Legislative Session, is Fiscal Note No.  2022-81,  prepared  by
        the Actuary for the New York State and Local Retirement System.