Assembly Bill A8177

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8177
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2025
                                ___________
 
 Introduced by M. of A. SLATER -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT to authorize Angela Kilkenny Tier IV 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 to the contrary,
 Angela Kilkenny, who was employed with the State University of New  York
 with a start date of September 3, 2009, and who is currently a member of
 the  New  York state and local employees' retirement system, who through
 no fault of her own did not become a member of the New  York  state  and
 local  employees'  retirement  system  on  September  3, 2009 when first
 employed by the State University of New York, shall be  deemed  to  have
 been  a  member  of  the  New York state and local employees' retirement
 system on such date she commenced her employment and  shall  be  granted
 Tier  IV  status, provided that an application is filed with the head of
 the New York state and local employees'  retirement  system  within  one
 year  from  the  effective  date  of this act. Upon the granting of such
 retroactive membership, Angela Kilkenny shall not be granted a refund of
 any employee contribution made by her to the New York  state  and  local
 employees' retirement system.
   § 2. All costs associated with the implementation of this act for past
 services shall be borne by the state of New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would provide Angela Kilkenny with a date of membership of
 September 3, 2009, their date of first employment with the State Univer-
 sity of New York at Oneonta, resulting in Tier 4 status in the New  York
 State  and  Local  Employees'  Retirement  System.  Angela  Kilkenny  is
 currently a Tier 6 member employed by Helen Hayes Hospital.  There  will
 be no refund of member contributions.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04531-02-5
              

 A. 8177                             2
 
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate  that  there  will  be  an increase of approximately $7,100 in the
 annual contributions of Helen Hayes Hospital for the fiscal year  ending
 March 31, 2026. In future years this cost will vary as the billing rates
 and salary of Angela Kilkenny change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $59,700 which will be
 borne by the State of New York as  a  one-time  payment.  This  estimate
 assumes that payment will be made on March 1, 2026.
   Summary of relevant resources:
   Membership  data as of March 31, 2024 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2024  Report  of the Actuary and the 2024 Annual Comprehensive Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024 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, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   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  February  3,  2025,  and intended for use only
 during the 2025 Legislative Session, is  Fiscal  Note  No.  2025-34.  As
 Chief  Actuary  of  the  New  York State and Local Retirement System, 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.