Assembly Bill A9450

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9450
 
                           I N  A S S E M B L Y
 
                               March 7, 2022
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN  ACT  granting  retroactive membership with tier IV status in the New
   York state and local employees' retirement system to Jessica Strizzi
 
   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, Jessica
 Strizzi, a member of the New York state and local employees'  retirement
 system,  who  is  currently  employed  by  the office of the state comp-
 troller, and who was previously employed on June 28, 2007 by the village
 of Green Island as a recreational assistant, and  who  filed  membership
 applications in such system on June 28, 2007 which should have given her
 Tier  IV status but for reasons not ascribable to her own negligence and
 due to an administrative error, the application was not processed in the
 usual manner and therefore not processed  until  July  9,  2012  may  be
 deemed  to  have become a member of the New York state and local employ-
 ees' retirement system on June 28, 2007, if on or  before  December  31,
 2022  she shall file an application therefor with the state comptroller.
 Upon the receipt of such application, Jessica Strizzi shall  be  granted
 Tier  IV  status  in  the New York state and local employees' retirement
 system and be eligible for all  the  rights  and  benefits  thereof.  No
 contributions made to the New York state and local employees' retirement
 system by Jessica Strizzi shall be returned to her pursuant to this act.
   § 2. Any past service costs incurred in implementing the provisions of
 this act shall be borne by the village of Green Island.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would provide Jessica Strizzi a date of membership of June
 28, 2007 resulting in Tier 4 status in the  New  York  State  and  Local
 Employees' Retirement System. The member is currently in Tier 6.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $3,500 in the
 annual contributions of the State of New York for the fiscal year ending
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14603-02-2
              

 A. 9450                             2
 
 March 31, 2023. In future years, this cost  will  vary  as  the  billing
 rates and salary of Jessica Strizzi change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $64,000 which will be
 borne by the Village of Green Island as a one-time payment.  This  esti-
 mate 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 February 28, 2022,  and  intended  for  use  only
 during  the  2022  Legislative  Session,  is  Fiscal  Note  No. 2022-97,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.