Senate Bill S8610

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8610
 
                             I N  S E N A T E
 
                              March 22, 2022
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT in relation to granting Barbara Juh Tier 5 status 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, Barbara Juh,
 who is a retiree of the New York state and local  employees'  retirement
 system,  with  Tier 6 status, and who was employed part-time as a regis-
 tered nurse at the  Adirondack  Correctional  Facility  for  the  period
 beginning  September  16, 2010 and ending December 16, 2012, and who has
 been employed full-time by the department of corrections  and  community
 supervision  beginning  December  17, 2012 and ending December 31, 2021,
 and who, for reasons not ascribable to her  own  negligence,  failed  to
 become  a  member  of the New York state and local employees' retirement
 system on September 16, 2010, shall be deemed to have been a  member  of
 such  retirement  system  with  Tier 5 status on and after September 16,
 2010, if on or before 6 months after the effective date of this act, she
 shall file a written request to that effect with the state  comptroller.
 Upon  the granting of such retroactive membership, Barbara Juh shall not
 be granted a refund of any employee contributions made by her to the New
 York state and local employees' retirement system.
   § 2. Any past service costs incurred in implementing the provisions 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 would grant Tier 5 status in the New York  State  and  Local
 Employees'  Retirement  System  to Barbara Juh, a current Tier 6 retiree
 formerly employed by the New York State Department  of  Corrections  and
 Community  Supervision,  by changing her date of membership to September
 16, 2010. There will be no refund of member contributions.
   If this bill is enacted during the  2022  legislative  session,  there
 will  be  an immediate past service cost of approximately $14,400, which
 will be borne by the State of New York as a one-time payment. This esti-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15021-03-2
 S. 8610                             2
 
 mate 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 March 21, 2022, and intended for use only  during
 the  2022  Legislative Session, is Fiscal Note No. 2022-101, prepared by
 the Actuary for the New York State and Local Retirement System.