Senate Bill S9315

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9315
 
                             I N  S E N A T E
 
                               May 13, 2022
                                ___________
 
 Introduced  by  Sen.  RATH  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive tier IV membership in the New York state and
   local employees' retirement system to Maureen Sullivan Nasca
 
   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,
 Maureen  Sullivan  Nasca,  an employee of the Erie County Medical Center
 and a member of the New  York  state  and  local  employees'  retirement
 system,  who  was a full-time employee at the Roswell Park Comprehensive
 Cancer Center from December 7, 1995 to December 22, 2013, and  who,  for
 reasons  not ascribable to her own negligence, failed to become a member
 of such retirement system during such employment with the  Roswell  Park
 Comprehensive  Cancer Center in 1995, shall be deemed to have joined the
 New York state and local employees' retirement system  on  the  date  of
 December  7, 1995 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  Maureen  Sullivan  Nasca  shall  be  refunded  or
 returned 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 provide Maureen Sullivan Nasca a date of membership of
 December  7,  1995, resulting in Tier 4 status in the New York State and
 Local Employees' Retirement System. The member is currently in  Tier  6.
 There will be no refund of member contributions.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate  that  there  will  be an increase of approximately $12,000 in the
 annual contributions of the Erie County Medical Center  for  the  fiscal
 year  ending March 31, 2023. In future years, this cost will vary as the
 billing rates and salary of Maureen Sullivan Nasca change.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15594-02-2
 S. 9315                             2
 
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $1.05 million 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, 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 May 11, 2022, and intended for  use  only  during
 the  2022  Legislative Session, is Fiscal Note No. 2022-137, prepared by
 the Actuary for the New York State and Local Retirement System.