Assembly Bill A5273

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5273
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2023
                                ___________
 
 Introduced by M. of A. HAWLEY -- 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
   Ronald Bower
 
   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 the law to the
 contrary, Ronald Bower,  an  employee  of  the  Genesee  County  Highway
 Department  and  a  member  of  the  New York state and local employees'
 retirement system, who was employed in the Occupational  Skills  Program
 at  Erie  1  BOCES beginning November 12, 1986 through July 6, 1988, who
 for reasons not ascribable to his own negligence,  failed  to  become  a
 member  of  such  retirement  system when first employed by Erie 1 BOCES
 beginning in 1986, shall be deemed to have been a member of the New York
 state and local employees'  retirement  system  on  such  date  that  he
 commenced  his  employment  with  Erie 1 BOCES on November 12, 1986, and
 shall be granted Tier IV status in such retirement system, provided that
 an application is filed with the head of the New York  state  and  local
 employees'  retirement system within one year from the effective date of
 this act. Upon the granting of such retroactive membership, Ronald Bower
 shall not be granted a refund of any employee contribution made  by  him
 to the New York state and local employees' retirement system.
   §  2. No contributions made to the New York state and local employees'
 retirement system by Ronald Bower shall be returned or refunded  to  him
 pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act shall be borne by Erie 1 BOCES.
   § 4. This act shall take effect immediately.
   Fiscal Note.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06734-02-3
 A. 5273                             2
              

 
   This  bill would grant retroactive Tier 4 status in the New York State
 and Local Employees' Retirement System to Ronald Bower, a current Tier 6
 member employed by the Genesee County Highway  Department,  by  changing
 their  date  of  membership  to  November 12, 1986, when they were first
 employed  by  Erie  1  BOCES. There will be no refund of member contrib-
 utions.
   If this bill is enacted during the 2023 legislative session, we antic-
 ipate that there will be an increase  of  approximately  $3,200  in  the
 annual  contributions of Genesee County for the fiscal year ending March
 31, 2024. In future years, this cost will vary as the billing rates  and
 salary of Ronald Bower change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $8,040 which will be
 borne by Erie 1 BOCES as a one-time payment. This estimate assumes  that
 payment will be made on February 1, 2024.
   Summary of relevant resources:
   Membership  data as of March 31, 2022 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in the  2020,
 2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
 tions, 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, 2022
 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 January 24,  2023,  and  intended  for  use  only
 during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-11,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.