S T A T E O F N E W Y O R K
________________________________________________________________________
8017
2021-2022 Regular Sessions
I N A S S E M B L Y
June 4, 2021
___________
Introduced by M. of A. JENSEN -- read once and referred to the Committee
on Governmental Employees
AN ACT in relation to granting Tier II status in the New York state and
local employees' retirement system to Walter C. Bedford
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, Walter C.
Bedford, who was an employee of the North Greece fire district from
August 1, 2007 through the present and was an employee of the town of
Greece and the North Greece fire district commencing October 13, 1975
through January 1, 1986 and was thereby eligible to participate in the
New York state and local employees' retirement system, who through no
fault of his own did not become a member of the New York state and local
employees' retirement system when he was first employed by the town of
Greece in October 1975, shall be granted retroactive membership in the
New York state and local employees' retirement system with Tier II
status, if within one year from the effective date of this act he shall
make a written application to that effect, duly executed and filed with
such retirement system.
§ 2. No contributions made to the New York state and local employees'
retirement system by Walter C. Bedford shall be returned or refunded to
him pursuant to this act.
§ 3. All costs associated with the implementation 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 would allow Walter C. Bedford, who is currently a Tier 4
member in the New York State and Local Employees' Retirement System
employed by the North Greece Fire District, to elect Tier 2 status with
a date of membership of October 13, 1975, his first date of employment
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10932-02-1
A. 8017 2
with the Town of Greece. There will be no refund of member contrib-
utions.
If this bill is enacted during the 2021 legislative session and Tier 2
status is subsequently elected, the change in plan coverage would result
in a diminished benefit relative to that provided by the member's
current Tier 4 plan coverage. Thus, there would be no cost to enact this
legislation.
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 April 26, 2021, and intended for use only during
the 2021 Legislative Session, is Fiscal Note No. 2021-130, prepared by
the Actuary for the New York State and Local Retirement System.