Bill Text: NY S07292 | 2023-2024 | General Assembly | Amended

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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: (Engrossed) 2024-05-16 - PRINT NUMBER 7292B [S07292 Detail]

Download: New_York-2023-S07292-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7292--B

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 19, 2023
                                       ___________

        Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and  recommitted  to said committee -- recommitted to the Committee on
          Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee

        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:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11185-03-4
        S. 7292--B                          2

          This bill would provide Maureen Sullivan Nasca with a date of  member-
        ship of December 7, 1995, their date of first eligible employment in the
        New York State and Local Employees' Retirement System, resulting in Tier
        4  status.  Maureen  Sullivan  Nasca is currently a Tier 6 member. There
        will be no refund of member contributions.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be an increase of approximately $57,000 in the
        annual contributions of the Erie County Medical Center  for  the  fiscal
        year  ending  March 31, 2025. In future years this cost will vary as the
        billing rates and salary of Maureen Sullivan Nasca change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $1.59 million which will
        be borne by the State of New York as a one-time payment.  This  estimate
        assumes that payment will be made on March 1, 2025.
          Summary of relevant resources:
          Membership  data as of March 31, 2023 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2023
        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, 2023
        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 15, 2024, and intended for  use  only  during
        the  2024  Legislative Session, is Fiscal Note No. 2024-176, prepared by
        the Actuary for the New York State and Local Retirement System.