Senate Bill S7168

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7168
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 4, 2021
                                ___________
 
 Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT granting David Ladd retroactive Tier IV  membership  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 any other provision of law to the contrary,
 David Ladd, a member of the New York state and local employees'  retire-
 ment  system, who on November 30, 2009 commenced employment with the New
 York City Department of Probation, and who separated from the  New  York
 city  employees' retirement system on January 7, 2011 and joined the New
 York state employees' retirement  system,  and  has  purchased  credited
 service to November 30, 2009, and who, for reasons not ascribable to his
 own  negligence,  failed to become a member of the New York city employ-
 ees' retirement system on November 30, 2009 and  therefore  has  Tier  V
 instead  of  Tier IV status, shall be deemed to have joined such retire-
 ment system on November 30, 2009, the  commencement  of  his  employment
 with  the  New  York City Department of Probation, if within one year of
 the effective date of this act he shall  file  an  application  therefor
 with the state comptroller. Upon receipt of such application, David Ladd
 shall  be  deemed  to  have joined the retirement system on November 30,
 2009.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the state of New York, and there shall be no refund of
 the members contributions to David Ladd.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would change David Ladd's date of membership in the New York
 State and Local Employees' Retirement System (ERS) to November 30, 2009,
 resulting in Tier 4 status. Currently, David Ladd is a Tier 5 member  in
 ERS. No member contributions will be refunded because of this bill.

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

                                                            LBD11717-02-1

 S. 7168                             2
 
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $3,000 in the
 annual contributions of Jefferson County  for  the  fiscal  year  ending
 March  31,  2022.  In  future  years, this cost will vary as the billing
 rates and salary of the member change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $4,950 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 June 2, 2021, and intended for  use  only  during
 the  2021  Legislative Session, is Fiscal Note No. 2021-151, prepared by
 the Actuary for the New York State and Local Retirement System.