Bill Text: NY S06166 | 2021-2022 | General Assembly | Introduced

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Bill Title: Grants retroactive tier V membership in the NY state and local employees' retirement system for Daniel Miller.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO CIVIL SERVICE AND PENSIONS [S06166 Detail]

Download: New_York-2021-S06166-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6166

                               2021-2022 Regular Sessions

                    IN SENATE

                                     April 13, 2021
                                       ___________

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

        AN ACT granting retroactive tier V membership in the New York state  and
          local employees' retirement system to Daniel Miller

          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, Daniel  Miller,
     2  a  member  of the New York state and local employees' retirement system,
     3  who was employed on March 7, 2012, by the Town of  Hempstead,  who,  for
     4  reasons  not ascribable to his own negligence, did not file a membership
     5  application in such system until May 21, 2012, which gave  him  Tier  VI
     6  status  instead  of  Tier V status, where he would have been had he been
     7  able to file a membership application when he became a permanent employ-
     8  ee on March 7, 2012, may be deemed to have become a member  of  the  New
     9  York state and local employees' retirement system on March 7, 2012 if on
    10  or  before  December 31, 2021 he shall file with the state comptroller a
    11  written request to that effect. Upon the granting  of  such  retroactive
    12  membership,  Daniel Miller shall not be granted a refund of any employee
    13  contribution made by him to the New  York  state  and  local  employees'
    14  retirement system.
    15    § 2. Any past service costs incurred in implementing the provisions of
    16  this act shall be borne by the Town of Hempstead.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will grant retroactive Tier 5 status in the New York State
        and Local Employees' Retirement System to Daniel Miller, a current  Tier
        6  member  employed  by  the  Town of Hempstead, by changing his date of
        membership to March 7, 2012. There will be no refund of member  contrib-
        utions.
          If this bill is enacted during the 2021 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $4,700 in the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03927-02-1
        S. 6166                             2

        annual contributions of the Town of Hempstead for the fiscal year ending
        March 31, 2022. In future years, this cost  will  vary  as  the  billing
        rates and salary of Daniel Miller change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of $46,100 which will be borne by the
        Town of Hempstead as a one-time payment. This estimate is based  on  the
        assumption that payment will be made on February 1, 2022.
          Summary of relevant resources:
          Membership  data as of March 31, 2020 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        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, 2020
        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 19, 2021, and intended for use only  during
        the  2021  Legislative Session, is Fiscal Note No. 2021-107, prepared by
        the Actuary for the New York State and Local Retirement System.