Assembly Bill A5675A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5675--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 20, 2023
                                ___________
 
 Introduced  by M. of A. BRABENEC, MAHER -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT granting retroactive tier IV status in the  New  York  state  and
   local employees' retirement system to Dana Kerstanski
 
   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,
 Dana Kerstanski, who was employed as a  substitute  custodian  with  the
 Warwick  Valley  school  district with a start date of May 10, 2006, and
 who is currently a member of the New York  state  and  local  employees'
 retirement  system,  who  through  no  fault of his own did not become a
 member of the New York state and local employees' retirement  system  on
 May  10,  2006 when first employed by the Warwick Valley school district
 shall be deemed to have been a member of the New York  state  and  local
 employees'  retirement  system  on such date he commenced his employment
 and shall be granted Tier IV status, provided  that  an  application  is
 filed  with  the head of the New York state and local employees' retire-
 ment system within one year from the effective date of this act.    Upon
 the  granting  of such retroactive membership, Dana Kerstanski shall not
 be granted a refund of any employee contributed made by him to  the  New
 York state and local employees' retirement system.
   §  2.  All  past  services costs associated with the implementation of
 this act shall be borne by the Warwick Valley school district.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would provide Dana Kerstanski with a date of  membership  of
 May  10,  2006,  their  date of first employment with the Warwick Valley
 Central School District, resulting in Tier 4  status  in  the  New  York
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09316-04-4
              

 A. 5675--A                          2
 
 State  and  Local  Employees'  Retirement  System.  Dana  Kerstanski  is
 currently a Tier 6 member employed by the Monroe Woodbury Central School
 District. 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 $4,100 in the
 annual contributions of the Monroe Woodbury Central School District  for
 the  fiscal  year  ending March 31, 2025. In future years this cost will
 vary as the billing rates and salary of Dana Kerstanski change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $49,200  which  will  be
 borne  by  the  Warwick  Valley  Central  School  District as a one-time
 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 January 25,  2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-73,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.