Assembly Bill A8358

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8358
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 13, 2025
                                ___________
 
 Introduced by M. of A. JENSEN -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT granting retroactive tier II membership in the New York state and
   local police and fire retirement system to Daniel Rizzo
 
   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,
 Daniel Rizzo, who was employed with Monroe county sheriff's  office  and
 who  is  currently  a  member of the New York state and local police and
 fire retirement system, who through no fault of his own did not become a
 member of the New York state and local police and fire retirement system
 on October 19, 2009 when first employed by the Monroe  county  sheriff's
 office,  shall be deemed to have been a member of the New York state and
 local police and fire retirement system on such date  he  commenced  his
 employment  and  shall  be  granted Tier II status in the New York state
 police and fire retirement system, provided that an application is filed
 with the head of the New York state and local police and fire retirement
 system within one year from the effective date of  this  act.  Upon  the
 granting of such retroactive membership, Daniel Rizzo shall be granted a
 refund  of  any  employee contribution made by him to the New York state
 and local police and fire retirement system which would  not  have  been
 made  had  Tier  II  status been granted in the New York state and local
 police and fire retirement system on October 19, 2009.
   § 2. All past services costs associated  with  the  implementation  of
 this act shall be borne by the state.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide  Daniel  Rizzo with a date of membership of
 October 19, 2009, their date of first employment with the Monroe  County
 Sheriff's  Office,  resulting in Tier 2 status in the New York State and
 Local Police and Fire Retirement System. Daniel  Rizzo  is  currently  a

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11115-03-5
              

 A. 8358                             2
 
 Tier  5  member  employed by the City of Rochester. Member contributions
 will be refunded.
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate  that  there  will  be  an increase of approximately $9,100 in the
 annual contributions of the City of Rochester for the fiscal year ending
 March 31, 2026. In future years this cost will vary as the billing rates
 and salary of Daniel Rizzo change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $56,500  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 May 6, 2025, and intended for use only during the
 2025 Legislative Session, is Fiscal Note No. 2025-148. As Chief  Actuary
 of  the  New  York  State and Local Retirement System, I, Aaron Schottin
 Young, hereby certify that this analysis complies with applicable  Actu-
 arial  Standards of Practice as well as the Code of Professional Conduct
 and Qualification Standards for Actuaries Issuing Statements of Actuari-
 al Opinion of the American Academy of Actuaries, of which I am a member.