Bill Text: NY S06028 | 2023-2024 | General Assembly | Introduced

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Bill Title: Grants retroactive membership in Tier II of the New York state and local police and fire retirement system to Paul Valentine Jr.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO CIVIL SERVICE AND PENSIONS [S06028 Detail]

Download: New_York-2023-S06028-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6028

                               2023-2024 Regular Sessions

                    IN SENATE

                                     March 27, 2023
                                       ___________

        Introduced  by  Sen.  WEBER  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT granting retroactive membership in the New York state  and  local
          police and fire retirement system to Paul Valentine Jr.

          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, Paul  Valen-
     2  tine  Jr., an employee of the Town of Orangetown and a member of the New
     3  York state and local police and fire retirement system, who for  reasons
     4  not  ascribable  to his own negligence, failed to become a member of the
     5  New York state and local employees' retirement system during his employ-
     6  ment with the Town of Orangetown on June 26, 2001, shall  be  deemed  to
     7  have  joined  the  New  York  state and local police and fire retirement
     8  system on such date and shall be granted Tier II status in the New  York
     9  state  and  local police and fire retirement system, if, within one year
    10  of the effective date of this act, he shall file a written request  with
    11  the state comptroller.
    12    §  2. No contributions made to the New York state and local retirement
    13  system by Paul Valentine Jr.   shall be  returned  or  refunded  to  him
    14  pursuant to this act.
    15    § 3. All past service costs of implementing the provisions of this act
    16  shall be borne by the Town of Orangetown.
    17    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  provide  Paul Valentine Jr. a date of membership of
        June 26, 2001, resulting in Tier 2 status in  the  New  York  State  and
        Local Police and Fire Retirement System. Paul Valentine Jr. is currently
        in Tier 6. There will be no refund of member contributions.
          If this bill is enacted during the 2023 legislative session, we antic-
        ipate  that  there  will  be an increase of approximately $16,000 in the
        annual contributions of the Town  of  Orangetown  for  the  fiscal  year

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09455-02-3
        S. 6028                             2

        ending March 31, 2024. In future years, this cost will vary as the bill-
        ing rates and salary of Paul Valentine Jr. change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $9,940 which will be
        borne by the Town of Orangetown as a  one-time  payment.  This  estimate
        assumes that payment will be made on February 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 March 3, 2023, and intended for use  only  during
        the  2023  Legislative  Session, is Fiscal Note No. 2023-86, prepared by
        the Actuary for the New York State and Local Retirement System.