Bill Text: NY A10580 | 2021-2022 | General Assembly | Introduced

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Bill Title: Grants retroactive membership with Tier IV status in the New York state and local employees' retirement system to Christine Fernandez, formerly Christine Lennard, for her 1984--1985 employment with the Voorheesville public library.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-07-06 - referred to governmental employees [A10580 Detail]

Download: New_York-2021-A10580-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10580

                   IN ASSEMBLY

                                      July 6, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Fahy) --
          read once and referred to the Committee on Governmental Employees

        AN ACT granting retroactive membership with Tier IV status  in  the  New
          York state and local employees' retirement system to Christine Fernan-
          dez

          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,  Christine
     2  Fernandez,  formerly  Christine  Lennard, a member of the New York state
     3  and local employees' retirement system, who was employed part-time  with
     4  the  Voorheesville  public  library beginning in September, 1984 through
     5  August, 1985 and who is currently  employed  with  the  New  York  State
     6  Police,  who  through  no  fault  of her own was not given the option to
     7  become a member of the New York state and  local  employees'  retirement
     8  system  in 1984 when first employed by the Voorheesville public library,
     9  and did not file a membership application in such system until April  2,
    10  2020 when she began her employment with the New York State Police, which
    11  gave  her  Tier  VI status instead of Tier IV status, shall be deemed to
    12  have been a member of the New York state and local employees' retirement
    13  system on such date she commenced her employment with the  Voorheesville
    14  public  library in September, 1984, and shall be granted Tier IV status,
    15  provided that an application is filed with the  head  of  the  New  York
    16  state  and  local  employees' retirement system within one year from the
    17  effective date of this  act.  Upon  the  granting  of  such  retroactive
    18  membership,  Christine  Fernandez  shall  not be granted a refund of any
    19  employee contribution made by her  to  the  New  York  state  and  local
    20  employees' retirement system.
    21    § 2. All past service costs associated with the implementation of this
    22  act shall be borne by the Voorheesville public library.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would provide Christine Fernandez, also known as Christine
        Lennard, a date of membership of September 24, 1984, resulting in Tier 4
        status in the New York State and Local Employees' Retirement System. The

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15921-04-2
        A. 10580                            2

        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 $7,500 in the
        annual contributions of the State of New York for the fiscal year ending
        March 31, 2023. In future years, this cost  will  vary  as  the  billing
        rates and salary of Christine Fernandez change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $10,700 which will be
        borne by the Voorheesville Public Library 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  May 26, 2022, and intended for use only during
        the 2022 Legislative Session, is Fiscal Note No. 2022-159,  prepared  by
        the Actuary for the New York State and Local Retirement System.