S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6743
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 18, 2019
                                ___________
 
 Introduced  by  M.  of  A.  PALMESANO  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT granting retroactive membership in the New York state  and  local
   employees' retirement system to Kerry Brennan
 
   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, Kerry  Bren-
 nan,  an  employee  of  the County of Yates and a member of the New York
 state and local employees' retirement system,  who  was  employed  as  a
 lifeguard  for the Village of Penn Yan as a seasonal employee on June 9,
 2001, who for reasons not ascribable to her own  negligence,  failed  to
 become  a member of such retirement system during such employment in the
 Village of Penn Yan in 2001, shall be deemed to have joined the New York
 state and local employees' retirement system on the date  June  9,  2001
 and shall be granted Tier IV status in such retirement system, if, with-
 in  one year of the effective date of this act, she shall file a written
 request with the state comptroller.
   § 2. No contributions made to the New York state and local  employees'
 retirement  system by Kerry Brennan shall be returned or refunded to her
 pursuant to this act.
   § 3. All past service costs of implementing the provisions of this act
 shall be borne by the state of New York.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This bill will grant Tier 4 status in the New  York  State  and  Local
 Employees'  Retirement  System to Kerry Brennan, a current Tier 5 member
 employed by the County of Yates, by changing her date of  membership  to
 June 9, 2001, her first date of employment with the Village of Penn Yan.
 There will be no refund of member contributions.
   If this bill is enacted during the 2019 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $1,900 in the

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD08260-02-9

 A. 6743                             2
 
 annual contributions of the County of Yates for the fiscal  year  ending
 March  31,  2020.  In  future  years, this cost will vary as the billing
 rates and salary of Kerry Brennan change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of $20,200 which will be borne by the
 State of New York as a one-time payment. This estimate is based  on  the
 assumption that payment will be made on March 1, 2020.
   Summary of relevant resources:
   The  membership  data  used  in  measuring  the impact of the proposed
 change was the same as that used in the March 31, 2018  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  Annual  Report  to  the  Comptroller  on  Actuarial
 Assumptions,  and  the  Codes, Rules and Regulations of the State of New
 York: Audit Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2018
 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 judgement of an attorney.
   This  estimate,  dated  January  29,  2019,  and intended for use only
 during the  2019  Legislative  Session,  is  Fiscal  Note  No.  2019-33,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.