Assembly Bill A10628

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10628
 
                           I N  A S S E M B L Y
 
                              March 13, 2026
                                ___________
 
 Introduced by M. of A. SLATER -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT in relation to granting retroactive tier V membership in the New
   York state and local employees' retirement system to Marca McClenon
 
   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 to the contrary,
 Marca McClenon, a tier VI member of the New York state and local employ-
 ees' retirement system who was employed as a part-time employee with the
 Yorktown  library  beginning on March 26, 2012 and who, through no fault
 of her own, did not become a member of the  New  York  state  and  local
 employees'  retirement system on March 26, 2012 when she became eligible
 for membership in such system, shall be deemed to have a date of member-
 ship with the New York state and local employees' retirement  system  of
 March 26, 2012 if she shall file an application therefore with the state
 comptroller  within one year of the effective date of this act. Upon the
 receipt of such application, Marca McClenon  shall  be  granted  tier  V
 status  in the New York state and local employees' retirement system and
 shall be eligible for all the rights and benefits thereof.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the Yorktown library, and there shall be no refund  of
 member contributions to Marca McClenon.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  grant Tier 5 status in the New York State and Local
 Employees' Retirement System to Marca McClenon, a current Tier 6  member
 employed  by  the town of Yorktown, by changing their date of membership
 to March 26, 2012.
   There will be no refund of member contributions.
   We estimate that town of Yorktown's annual contributions will increase
 $4,600 beginning FYE 2027. Annual costs will vary as the  billing  rates
 and salary of Marca McClenon change.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14600-04-6
 A. 10628                            2
              

 
   In  addition,  there will be an immediate past service cost of $28,600
 borne by the town of Yorktown 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 March 10, 2026, and intended for use only during
 the 2026 Legislative Session, is Fiscal Note Number 2026-150.  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 Actuaries, of
 which  I  am  a  member.  I  am a member of NYSLRS but do not believe it
 impairs my objectivity.