Senate Bill S4445A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4445--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT  to  authorize  Joseph  F. Delaney to apply for military service
   credit in the New York state and local employees' retirement system
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Notwithstanding  subdivision  5  of  section  1000 of the
 retirement and social security law, Joseph F. Delaney, a retired  member
 of  the  New  York  state  and local employees' retirement system having
 retired December 30, 1997; and who served in the United States  military
 during  the  Korean  conflict,  shall  be eligible to apply for military
 service credit in the New York state  and  local  employees'  retirement
 system  as  otherwise provided pursuant to provisions of section 1000 of
 the retirement and social security law,  if,  within  one  year  of  the
 effective date of this act, he shall: (1) file a written request to that
 effect  with  such  retirement system; and (2) shall pay to the New York
 state and local employees' retirement system  an  amount  equal  to  the
 product  of  the  number  of years of military service being claimed and
 three percent of his final average salary. Such benefit shall be  recal-
 culated as of the date of his retirement.
   § 2. All past service costs attributable to the implementation of this
 act shall be borne by the state of New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will authorize Joseph F. Delaney, who is a retired member of
 the  New York State and Local Employees' Retirement System (NYSLERS), to
 apply for military service credit pursuant to §1000  of  the  Retirement

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04587-03-1
              

 S. 4445--A                          2
 
 and  Social  Security  Law.  The bill requires Mr. Delaney to pay to the
 NYSLERS an amount equal to the product of the number of years  of  mili-
 tary  service  being  claimed  and  3%  of his final average salary. The
 retirement  benefit will be recalculated and payment will be made retro-
 active to his date of retirement.
   If this bill is enacted during the  2022  legislative  session,  there
 will  be  an  immediate  past  service  cost  of approximately $109,000.
 Approximately $3,100 of this cost would be borne by Joseph  Delaney  and
 the  remaining  $105,900  would  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, 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 December 20, 2020,  and  intended  for  use  only
 during  the  2022  Legislative  Session,  is  Fiscal  Note  No. 2022-22,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.