Assembly Bill A10339

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10339
 
                           I N  A S S E M B L Y
 
                               May 17, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jean-Pierre)
   -- read once and referred to the Committee on Governmental Employees
 
 AN  ACT  in  relation  to  granting  retroactive membership with Tier IV
   status in the New York state and local employees' retirement system to
   Donna Falbo
 
   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,
 Donna Falbo, a tier VI member of the New York state and local employees'
 retirement  system employed by the North Babylon School District who was
 employed as a full-time employee with North Babylon School District from
 September 4, 2007 and who, through no fault of her own, did not become a
 member of the New York state and local employees' retirement  system  on
 September  4,  2007  when  she  became  eligible  for membership in such
 system, shall be deemed to have a date of membership with the  New  York
 state and local employees' retirement system of September 4, 2007 if she
 shall file an application therefor with the state comptroller within one
 year  of the effective date of this act. Upon the receipt of such appli-
 cation, Donna Falbo shall be granted tier IV  status  in  the  New  York
 state  and  local employees' retirement system and shall be eligible for
 all the rights and benefits thereof.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by North Babylon School District, and there shall  be  no
 refund of member contributions to Donna Falbo.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide  Donna  Falbo  with a date of membership of
 September 4, 2007, their date of first employment with the North Babylon
 School District, resulting in Tier 4 status in the New  York  State  and
 Local  Employees'  Retirement  System. Donna Falbo is currently a Tier 6
 member. There will be no refund of member contributions.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase  of  approximately  $2,200  in  the
 annual contributions of the North Babylon School District for the fiscal
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15283-03-4
 A. 10339                            2
 
 year  ending  March 31, 2025. In future years this cost will vary as the
 billing rates and salary of Donna Falbo change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $11,900 which will be
 borne by the North Babylon School District as a  onetime  payment.  This
 estimate assumes that payment will be made on February 1, 2025.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 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, 2023
 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 15, 2024, and intended for  use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-177, prepared by
 the Actuary for the New York State and Local Retirement System.