Senate Bill S9167

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9167
 
                             I N  S E N A T E
 
                                May 2, 2024
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Terrence D. McCracken  to  receive  certain  service
   credit with 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  the  law  to  the
 contrary,  Terrence  D.  McCracken, an employee of the Erie County Water
 Authority and a member of  the  New  York  state  and  local  employees'
 retirement  system,  who  for  the  period beginning January 1, 1983 and
 ending January 1, 1996, was employed as a bus operator for  the  Niagara
 Frontier  Transit Authority Metro System, Inc., shall be granted service
 credit in the New York state and local employees' retirement system  for
 such  member's service with the Niagara Frontier Transit Authority Metro
 System, Inc. upon the forfeiture of  such  member's  benefits  with  the
 Niagara  Frontier  Transit  Metro  System  Pension  Fund earned for such
 service, if within one year of the effective  date  of  this  act,  such
 member  shall  file a written request with the state comptroller to that
 effect, along with documentation from the Niagara Frontier Transit Metro
 System Pension Fund that he has forfeited his benefits with such pension
 fund, as well as Mr. McCracken's service  and  salary  information  from
 when  he  was  a  member  of  the  Niagara Frontier Transit Metro System
 Pension Fund.
   § 2. No contributions made to the New York state and local  employees'
 retirement system by Terrence D. McCracken shall be returned or refunded
 pursuant to this act.
   § 3. All past service costs of implementing the provisions of this act
 shall be borne by the Niagara Frontier Transit Authority.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would allow Terrence D. McCracken, a current Tier 4 member
 of the New York State and Local Employees' Retirement  System  (NYSLERS)
 employed by the Erie County Water Authority, to be granted service cred-
 it  for  the  period  January 1, 1983 through January 1, 1996, when they
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14578-03-4
 S. 9167                             2
 
 were employed as a bus operator for the Niagara Frontier Transit Author-
 ity Metro System, Inc.  The member must timely provide documentation  of
 historical  service and salary information, and proof that accrued bene-
 fits  have been forfeited from the Niagara Frontier Transit Metro System
 Pension Fund.
   If this bill is enacted during the  2024  Legislative  Session,  there
 will  be  an immediate past service cost of approximately $487,000 which
 will be borne by the Niagara Frontier Transit Authority  as  a  one-time
 payment.  This estimate assumes that payment will be made on February 1,
 2025.
   This bill will not increase the future  annual  contributions  of  the
 Erie County Water Authority.
   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 April 9, 2024, and intended for use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-133, prepared by
 the Actuary for the New York State and Local Retirement System.