S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6714
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 26, 2021
                                ___________
 
 Introduced  by  M.  of  A.  McDONOUGH  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT granting retroactive tier V membership in the New York state  and
   local employees' retirement system to Daniel Miller
 
   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, Daniel  Miller,
 a  member  of the New York state and local employees' retirement system,
 who was employed on March 7, 2012, by the Town of  Hempstead,  who,  for
 reasons  not ascribable to his own negligence, did not file a membership
 application in such system until May 21, 2012, which gave  him  Tier  VI
 status  instead  of  Tier V status, where he would have been had he been
 able to file a membership application when he became a permanent employ-
 ee on March 7, 2012, may be deemed to have become a member  of  the  New
 York state and local employees' retirement system on March 7, 2012 if on
 or  before  December 31, 2021 he shall file with the state comptroller a
 written request to that effect. Upon the granting  of  such  retroactive
 membership,  Daniel Miller shall not be granted a refund of any employee
 contribution made by him to the New  York  state  and  local  employees'
 retirement system.
   § 2. Any past service costs incurred in implementing the provisions of
 this act shall be borne by the Town of Hempstead.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  will grant retroactive Tier 5 status in the New York State
 and Local Employees' Retirement System to Daniel Miller, a current  Tier
 6  member  employed  by  the  Town of Hempstead, by changing his date of
 membership to March 7, 2012. There will be no refund of member  contrib-
 utions.
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $4,700 in the

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

                                                            LBD03927-02-1

 A. 6714                             2
 
 annual contributions of the Town of Hempstead for the fiscal year ending
 March 31, 2022. In future years, this cost  will  vary  as  the  billing
 rates and salary of Daniel Miller change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of $46,100 which will be borne by the
 Town of Hempstead as a one-time payment. This estimate is based  on  the
 assumption that payment will be made on February 1, 2022.
   Summary of relevant resources:
   Membership  data as of March 31, 2020 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 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, 2020
 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 March 19, 2021, and intended for use only  during
 the  2021  Legislative Session, is Fiscal Note No. 2021-107, prepared by
 the Actuary for the New York State and Local Retirement System.