S T A T E O F N E W Y O R K
________________________________________________________________________
6323
2023-2024 Regular Sessions
I N A S S E M B L Y
April 5, 2023
___________
Introduced by M. of A. DURSO -- read once and referred to the Committee
on Governmental Employees
AN ACT to authorize Anthony A. Fede Tier I 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, Anthony A.
Fede, who is currently retired and who was first eligible to join the
public retirement system as of March 17, 1970 and who was employed by
the Sewanhaka Central High School District from March 17, 1970 to August
10, 1973 and who for reasons not ascribable to his own negligence was
not afforded the opportunity to join the New York state and local
employees' retirement system with Tier I status, shall be deemed to have
become a member of the New York state and local employees' retirement
system as of March 17, 1970; and shall have Tier I status, if, no later
than one year after the effective date of this act he shall file a writ-
ten request with the state comptroller. Upon receipt of such request,
the retirement benefit shall be calculated and payment shall be made
retroactive to his date of retirement.
§ 2. No contributions made to the New York state and local employees'
retirement system shall be returned or refunded to Anthony A. Fede
pursuant to this act.
§ 3. All past service costs associated with the implementation of this
act shall be borne by all participating employers in the New York state
and local employees' retirement system.
§ 4. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would grant Tier 1 status in the New York State and Local
Employees' Retirement System (NYSLERS) to Anthony A. Fede, a retired
Tier 4 member, by changing their date of membership to March 17, 1970,
their first date of employment with the Sewanhaka Central School
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03892-02-3
A. 6323 2
District. The retirement benefit will be recalculated and payment will
be made retroactive to Anthony A. Fede's date of retirement. There will
be no refund of member contributions.
If this bill is enacted during the 2023 legislative session, there
will be an immediate past service cost of approximately $205,000. This
cost would be shared by the State of New York and the participating
employers in the NYSLERS.
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 March 30, 2023, and intended for use only during
the 2023 Legislative Session, is Fiscal Note No. 2023-129, prepared by
the Actuary for the New York State and Local Retirement System.