S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3010
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2023
                                ___________
 
 Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize George A. Amendola Tier II 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,  George  A.
 Amendola, who was first eligible to join the public retirement system as
 of  September  20, 1974 and who was employed by the Niagara Falls school
 district from September 20, 1974 to June 2, 1978 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
 II status, shall be deemed to have become a member of the New York state
 and  local  employees'  retirement  system as of September 20, 1974; and
 shall have Tier II status, if, no later than one year after  the  effec-
 tive  date  of  this  act he shall file a written request with the state
 comptroller; and upon receipt of such application, the comptroller shall
 recalculate George Amendola's retirement  benefits  and  thereafter  pay
 such benefits accordingly as if he shall have been deemed to have joined
 such retirement system on September 20, 1974.
   §  2. No contributions made to the New York state and local employees'
 retirement system shall be returned or refunded to  George  A.  Amendola
 pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act shall be borne by the Niagara Falls school district.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would grant Tier 2 status to George A. Amendola, a retired
 Tier 4 member of the New York  State  and  Local  Employees'  Retirement
 System,  by  changing  their  date  of membership to September 20, 1974,

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04751-02-3
 S. 3010                             2
              

 
 their first date of  employment  with  the  Niagara  Falls  City  School
 District.  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  $33,600  which
 will  be  borne  by the Niagara Falls City School District 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  25,  2023,  and intended for use only
 during the 2023  Legislative  Session,  is  Fiscal  Note  No.  2023-032,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.