S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8631
 
                             I N  S E N A T E
 
                               June 24, 2020
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT granting retroactive tier IV membership in the New York state and
   local employees' retirement system to David Goodman
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other provision of law to the contrary,
 David  Goodman,  a  member  of  the  New York state and local employees'
 retirement system, who on November 24, 2009 commenced part time  employ-
 ment  with  the  town  of  Marcy, and who applied for membership in such
 retirement system on December 2, 2009, and who, for reasons not ascriba-
 ble to his own negligence, failed to become a member  of  the  New  York
 state  and  local  employees'  retirement system on December 2, 2009 and
 therefore has tier V instead of tier IV status, shall be deemed to  have
 joined  such retirement system on November 24, 2009, the commencement of
 his employment with the town of Marcy, if within one year of the  effec-
 tive  date  of  this  act he shall file an application therefor with the
 state comptroller. Upon receipt of such application, David Goodman shall
 be deemed to have joined the New York state and local employees' retire-
 ment system on November 24, 2009.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the town of Marcy, and there shall  be  no  refund  of
 member contributions to David Goodman.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would allow David Goodman, currently a Tier 6 member of the
 New York State and Local Employees' Retirement  System,  to  elect  into
 Tier  4  by  changing his date of membership to November 24, 2009. There
 will be no refund of member contributions.
   If this bill is enacted during the 2020 legislative session, we antic-
 ipate that there will be an increase  of  approximately  $5,500  in  the
 annual  contributions  of  the  Mohawk Valley Psychiatric Center for the
 fiscal year ending March 31, 2021. In future years, this cost will  vary
 as the billing rates and salary of David Goodman change.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD15820-03-0

 S. 8631                             2
 
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $46,800 which will be
 borne by the Town of Marcy as a one-time payment. This estimate is based
 on the assumption that payment will be made on February 1, 2021.
   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, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 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, 2019
 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 June 23, 2020, and intended for use  only  during
 the  2020  Legislative Session, is Fiscal Note No. 2020-124, prepared by
 the Actuary for the New York State and Local Retirement System.