S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6609
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2023
                                ___________
 
 Introduced  by  M.  of  A.  McDONOUGH  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT granting retroactive tier V membership in the New York state  and
   local employees' retirement system to Daniel Miller
 
   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, Daniel  Miller,
 a  member  of the New York state and local employees' retirement system,
 who was employed on March 7, 2012, by the Town of  Hempstead,  who,  for
 reasons  not ascribable to his own negligence, did not file a membership
 application in such system until May 21, 2012, which gave  him  Tier  VI
 status  instead  of  Tier V status, where he would have been had he been
 able to file a membership application when he became a permanent employ-
 ee on March 7, 2012, may be deemed to have become a member  of  the  New
 York state and local employees' retirement system on March 7, 2012 if on
 or  before  December 31, 2023 he shall file with the state comptroller a
 written request to that effect. Upon the granting  of  such  retroactive
 membership,  Daniel Miller shall not be granted a refund of any employee
 contribution made by him to the New  York  state  and  local  employees'
 retirement system.
   § 2. Any past service costs incurred in implementing the provisions of
 this act shall be borne by the Town of Hempstead.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would grant retroactive Tier 5 status in the New York State
 and Local Employees' Retirement System to Daniel Miller, a current  Tier
 6  member  employed  by the Town of Hempstead, by changing their date of
 membership to March 7, 2012. 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 $4,000 in the

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07920-02-3
              

 A. 6609                             2
 
 annual contributions of the Town of Hempstead for the fiscal year ending
 March 31, 2024. In future years, this cost  will  vary  as  the  billing
 rates and salary of Daniel Miller change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $38,000 which will be
 borne by the Town of Hempstead 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 February 27, 2023,  and  intended  for  use  only
 during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-70,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.