Senate Bill S4168

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4168
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2021
                                ___________
 
 Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive membership in the New York state  and  local
   employees' retirement system to Rachael Bowman
 
   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, Rachael Bowman,
 an employee of the New York state department of  parks,  recreation  and
 historic  preservation  and  a  member  of  the New York state and local
 employees' retirement system, who was employed as  a  seasonal  employee
 for  Taughannock  Falls  State  Park,  beginning  on April 30, 2009, who
 through no fault of her own, failed to become a member of  such  retire-
 ment  system  during  such employment by Taughannock Falls State Park in
 2009, shall be deemed to have  joined  the  New  York  state  and  local
 employees'  retirement  system  on  the date April 30, 2009 and shall be
 granted Tier IV status in such retirement system, if, within 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 Rachael Bowman 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 would grant Tier 4 status in the New York  State  and  Local
 Employees'  Retirement System to Rachael Bowman, a current Tier 5 member
 employed by the New York  State  Department  of  Parks,  Recreation  and
 Historic  Preservation,  by changing her date of membership to April 30,
 2009. There will be no refund of member contributions.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04801-02-1
              

 S. 4168                             2
 
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate that there will be an increase  of  approximately  $1,800  in  the
 annual contributions of the State of New York for the fiscal year ending
 March  31,  2022.  In  future  years, this cost will vary as the billing
 rates and salary of Rachael Bowman change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $15,100 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, 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 January 6, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No.  2021-26,  prepared  by
 the Actuary for the New York State and Local Retirement System.