Assembly Bill A7290A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7290--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 25, 2025
                                ___________
 
 Introduced  by  M.  of  A.  P. CARROLL  -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT in relation to granting retroactive tier IV membership in the New
   York state and local employees' retirement system to Karen Siegel
 
   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,
 Karen  Siegel,  a tier VI member of the New York state and local employ-
 ees' retirement system employed by the South Orangetown  Central  School
 District and who was previously employed as a full-time employee at High
 Tor  State  Park  from  June 28, 1992 through September 6, 1993 and who,
 through no fault of her own, did not become a member  of  the  New  York
 state  and  local employees' retirement system on June 28, 1992 when she
 became eligible for membership in such system, shall be deemed to have a
 date of membership with the New York state and local employees'  retire-
 ment  system  of June 28, 1992 if she shall file an application therefor
 with the state comptroller within one year of the effective date of this
 act. Upon the receipt of such application, Karen Siegel shall be granted
 tier IV 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 South Orangetown Central School District, and there
 shall be no refund of member contributions to Karen Siegel.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would grant Tier 4 status in the New York  State  and  Local
 Employees' Retirement System (NYSLERS) to Karen Siegel, a current Tier 6
 member  employed  by  the  South  Orangetown Central School District, by
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09190-03-6
              

 A. 7290--A                          2
 
 changing their date of membership to June 28, 1992.  There  will  be  no
 refund of member contributions.
   We estimate that the South Orangetown Central School District's annual
 contributions will increase $6,400 beginning FYE 2027. Annual costs will
 vary as the billing rates and salary of Karen Siegel change.
   In  addition,  there will be an immediate past service cost of $35,300
 borne by the South Orangetown Central  School  District  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 April 15, 2026, and intended for use only  during
 the  2026  Legislative Session, is Fiscal Note Number 2026-180. 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.