Bill Text: NY S09078 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to granting retroactive Tier II membership in the New York state and local police and fire retirement system for Giuseppe T. Rosini.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-05-14 - REPORTED AND COMMITTED TO FINANCE [S09078 Detail]

Download: New_York-2023-S09078-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9078

                    IN SENATE

                                     April 16, 2024
                                       ___________

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

        AN ACT granting retroactive Tier II membership in the New York state and
          local police and fire retirement system to Giuseppe T. Rosini

          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, Giuseppe T.
     2  Rosini, a member of the New York state and local police and fire retire-
     3  ment system, who was employed in October 2004, by the Wading River  Fire
     4  District, who, for reasons not ascribable to his own negligence, did not
     5  file a membership application in the New York state and local police and
     6  fire  retirement  system,  and  did  not become a member of the New York
     7  state and local police and fire retirement  system  until  December  15,
     8  2014,  which gave him Tier VI status instead of Tier II status, where he
     9  would have been had he been able to file a membership  application  when
    10  he  became  an  employee  in October 2004 may be deemed to have become a
    11  member of the New York state and local police and fire retirement system
    12  on October 25, 2004 if, within one year of the effective  date  of  this
    13  act,  he shall file with the state comptroller a written request to that
    14  effect. Upon the granting of such retroactive  membership,  Giuseppe  T.
    15  Rosini  shall  not be granted a refund of any employee contribution made
    16  by him to the New York  state  and  local  police  and  fire  retirement
    17  system.
    18    § 2. All past service costs associated with the implementation of this
    19  act shall be borne by the Wading River Fire District.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  grant Tier 2 status in the New York State and Local
        Police and Fire Retirement System (NYSLPFRS) for Giuseppe T.  Rosini,  a
        current Tier 6 member of the NYSLPFRS employed by the Town of Riverhead,
        by  changing  their  date of membership to October 25, 2004. Giuseppe T.
        Rosini was previously employed by the  Wading  River  Fire  District,  a
        participating  employer  in  the  New  York  State  and Local Employees'

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07253-02-4
        S. 9078                             2

        Retirement System, beginning October 2004. 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 $23,000 in the
        annual contributions of the Town of Riverhead for the fiscal year ending
        March 31, 2025. In future years this cost will vary as the billing rates
        and salary of Giuseppe T. Rosini change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $24,100  which  will  be
        borne  by  the  Wading  River  Fire District as a one-time payment. This
        estimate assumes that payment will be made on February 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 April 15, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No. 2024-164,  prepared  by
        the Actuary for the New York State and Local Retirement System.