Bill Text: NY A10410 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to granting retroactive Tier IV membership in the New York state and local employees' retirement system for Maureen Sullivan Nasca.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-25 - reported referred to rules [A10410 Detail]
Download: New_York-2021-A10410-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10410 IN ASSEMBLY May 13, 2022 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. McMahon) -- read once and referred to the Committee on Governmental Employees AN ACT granting retroactive tier IV membership in the New York state and local employees' retirement system to Maureen Sullivan Nasca 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 Maureen Sullivan Nasca, an employee of the Erie County Medical Center 3 and a member of the New York state and local employees' retirement 4 system, who was a full-time employee at the Roswell Park Comprehensive 5 Cancer Center from December 7, 1995 to December 22, 2013, and who, for 6 reasons not ascribable to her own negligence, failed to become a member 7 of such retirement system during such employment with the Roswell Park 8 Comprehensive Cancer Center in 1995, shall be deemed to have joined the 9 New York state and local employees' retirement system on the date of 10 December 7, 1995 and shall be granted Tier IV status in such retirement 11 system if, within one year of the effective date of this act, she shall 12 file a written request with the state comptroller. 13 § 2. No contributions made to the New York state and local employees' 14 retirement system by Maureen Sullivan Nasca shall be refunded or 15 returned to her 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 provide Maureen Sullivan Nasca a date of membership of December 7, 1995, resulting in Tier 4 status in the New York State and Local Employees' Retirement System. The member is currently in Tier 6. 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 $12,000 in the annual contributions of the Erie County Medical Center for the fiscal year ending March 31, 2023. In future years, this cost will vary as the billing rates and salary of Maureen Sullivan Nasca change. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15594-02-2A. 10410 2 In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $1.05 million which will be borne by the State of New York as a one-time payment. This estimate is based on the assumption that payment will be made on March 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. 2022-137, prepared by the Actuary for the New York State and Local Retirement System.