Assembly Bill A10034

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10034
 
                           I N  A S S E M B L Y
 
                             January 30, 2026
                                ___________
 
 Introduced  by M. of A. DURSO -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT to authorize Raymond J. Averna's Tier III 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,  Raymond  J.
 Averna,  who  was first eligible to join the public retirement system as
 of February 1978 and who was  employed  by  the  Queens  Borough  Public
 Library  from  February  1978  to  December 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
 III  status,  shall  be  deemed  to have become a member of the New York
 state and local employees' retirement system as of  February  25,  1978;
 and  shall  have  Tier  III status, if, no later than one year after the
 effective date of this act he shall file  a  written  request  with  the
 state  comptroller. Upon receipt of such request, the retirement benefit
 shall be calculated.  Upon the granting of such retroactive  membership,
 no contributions made to the New York state and local employees' retire-
 ment  system shall be returned or refunded to Raymond J. Averna pursuant
 to this act.
   § 2. All past service costs associated with the implementation of this
 act shall be borne by the Queens Borough Public Library.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would grant Tier 3 status in the New York  State  and  Local
 Employees'  Retirement  System (NYSLERS) to Raymond J. Averna, a current
 Tier 6 member employed by the town of Oyster Bay, by changing their date
 of membership to February 25, 1978. There will be no  refund  of  member
 contributions.
   We  estimate  that  the town of Oyster Bay's annual contributions will
 increase $9,600 beginning FYE 2027. Annual costs will vary as the  bill-
 ing rates and salary of Raymond J. Averna change.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13612-03-6
              

 A. 10034                            2
 
   In  addition,  there will be an immediate past service cost of $21,900
 borne by the Queens Borough Public Library as a one-time  payment.  This
 cost assumes that payment will be made on February 1, 2027.
   Summary of relevant resources:
   Membership data as of March 31, 2025 was used to measure the impact of
 the  bill, the same data used in the Actuarial Valuations dated April 1,
 2025. Distributions and other statistics can be found in the 2025 Report
 of the Actuary and the 2025 Annual Comprehensive Financial  Report.  The
 actuarial  assumptions and methods used are described in the 2025 Annual
 Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
 and Regulations of the State of New York: Audit and  Control.  The  fair
 value  of assets and GASB disclosures can be found in the 2025 Financial
 Statements and Supplementary Information.
   Assumptions, demographics, and  other  considerations  may  have  been
 modified  to  better reflect specific provisions of any proposed benefit
 change(s).
   This fiscal note does not constitute a legal opinion on the  viability
 of the bill, nor is it intended to serve as a substitute for the profes-
 sional judgment of an attorney.
   This  estimate,  dated  January  27,  2026,  and intended for use only
 during the 2026 Legislative Session, is Fiscal Note Number  2026-55.  As
 Chief  Actuary  of  the  New  York  State  and  Local  Retirement System
 (NYSLRS), I, Aaron Schottin Young, hereby  certify  that  this  analysis
 complies  with applicable Actuarial Standards of Practice as well as the
 Code of Professional Conduct and Qualification Standards  for  Actuaries
 Issuing Statements of Actuarial Opinion of the American Academy of Actu-
 aries,  of  which  I  am  a  member.  I am a member of NYSLRS but do not
 believe it impairs my objectivity.