S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10132
 
                           I N  A S S E M B L Y
 
                              April 29, 2022
                                ___________
 
 Introduced by M. of A. LAWLER -- read once and referred to the Committee
   on Governmental Employees
 
 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:

   Section  1. Notwithstanding any other law to the contrary, Paul Valen-
 tine Jr., an employee of the Town of Orangetown and a member of the  New
 York  state and local police and fire retirement system, who for reasons
 not ascribable to his own negligence, failed to become a member  of  the
 New York state and local employees' retirement system during his employ-
 ment  with  the  Town of Orangetown on June 26, 2001, shall be deemed to
 have joined the New York state and  local  police  and  fire  retirement
 system  on such date and shall be granted Tier II status in the New York
 state and local police and fire retirement system, if, within  one  year
 of  the effective date of this act, he shall file a written request with
 the state comptroller.
   § 2. No contributions made to the New York state and local  retirement
 system  by  Paul  Valentine  Jr.    shall be returned or refunded to him
 pursuant to this act.
   § 3. All past service costs of implementing the provisions of this act
 shall be borne by the Town of Orangetown.
   § 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. The 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  $9,400  in  the
 annual  contributions  of  the  Town  of  Orangetown for the fiscal year
 ending March 31, 2023. In future years, this cost will vary as the bill-
 ing rates and salary of Paul Valentine Jr. change.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15200-05-2
              

 A. 10132                            2
 
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately  $5,320  which  will  be
 borne  by the Town of Orangetown as a one-time payment. This estimate is
 based on the assumption that payment will be made on February 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 April 27, 2022, and intended for use only  during
 the  2022  Legislative Session, is Fiscal Note No. 2022-118, prepared by
 the Actuary for the New York State and Local Retirement System.