S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8575
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2025
                                ___________
 
 Introduced by M. of A. EACHUS -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT in relation to granting retroactive tier IV membership in the New
   York city employees' retirement system to Ryan D. O'Connor
 
   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,
 Ryan D. O'Connor, an employee of the metropolitan transportation author-
 ity metro-north railroad as of April 26, 2023 and a member of the metro-
 politan transportation authority defined benefit pension plan,  who  was
 employed  with the New York city transit authority from January 19, 2012
 through April 25, 2023 and who was   a  member  of  the  New  York  city
 employees'  retirement    system through April 25, 2023, who for reasons
 not ascribable to his own negligence, failed to become a member of  such
 retirement  system during such employment with the New York city transit
 authority until September 10, 2012, shall be deemed to have  joined  the
 New  York  city  employees'  retirement system from January 19, 2012 and
 shall be granted Tier IV status in such retirement  system,  if,  within
 one  year  of  the  effective  date of this act, he shall file a written
 request with the New York city employees' retirement system.
   § 2. No contributions made to the New York city employees'  retirement
 system by Ryan D. O'Connor shall be returned or refunded to him pursuant
 to this act.
   § 3. All past service costs of implementing the provisions of this act
 shall be borne by the city of New York.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This  proposed  legislation would permit Ryan D. O'Connor, a
 vested Tier 6 member of the New York City Employees'  Retirement  System
 (NYCERS),  to  elect, by filing a written request with NYCERS within one
 year of the effective date, membership in the Tier 4 NYCERS 57/5 Plan.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00924-03-5
              

 A. 8575                             2
 
           EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
                 by Fiscal Year for the first 25 years ($)
 
                               Year   NYCERS
                               2026        0
                               2027   15,000
                               2028        0
                               2029        0
                               2030        0
                               2031        0
                               2032        0
                               2033        0
                               2034        0
                               2035        0
                               2036        0
                               2037        0
                               2038        0
                               2039        0
                               2040        0
                               2041        0
                               2042        0
                               2043        0
                               2044        0
                               2045        0
                               2046        0
                               2047        0
                               2048        0
                               2049        0
                               2050        0
 
   While  the  past service costs for this member would normally be borne
 by the New York City Transit Authority, the proposed legislation assigns
 such costs to the City of New York.
   PRESENT VALUE OF BENEFITS:  The  Present  Value  of  Benefits  is  the
 discounted  expected  value  of  benefits paid to current members if all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.
 
           INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                          as of June 30, 2025 ($)
 
                Present Value (PV)                 NYCERS
                (1) PV of Employer Contributions:  13,500
                (2) PV of Employee Contributions:       0
                Total PV of Benefits (1) + (2):    13,500
 
   UNFUNDED ACCRUED LIABILITY (UAL): Actuarial  Accrued  Liabilities  are
 the  portion of the Present Value of Benefits allocated to past service.
 For purposes of this Fiscal Note, UAL attributable to  inactive  members
 was recognized immediately.
 
                 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                   NYCERS
                Increase (Decrease) in UAL:        13,500
                Number of Payments:                     1
 A. 8575                             3
 
                Amortization Payment:              15,000
 
   CENSUS  DATA:  The estimates presented herein are based on preliminary
 census data collected as of June 30,  2024.  The  census  data  for  the
 impacted population is summarized below.
 
                                                   NYCERS
                Term. Vested Members
                - Number Count:                         1
                - Average Age:                         38

   BACKGROUND:  Mr.  O'Connor commenced employment with the New York City
 Transit Authority on January 19, 2012 and subsequently joined NYCERS  in
 September 2012. In the nine-month period between the commencement of his
 employment  and  the  date  on which he joined NYCERS, Chapter 18 of the
 Laws of 2012, or Tier 6, was enacted.  Therefore,  Mr.  O'Connor  joined
 NYCERS as a Tier 6 member.
   The  proposed  legislation  would  allow  Mr.  O'Connor to apply for a
 retroactive NYCERS membership date of  January  19,  2012,  which  would
 entitle  him  to  Tier  4  membership,  without  a refund of past Tier 6
 contributions, in the NYCERS 57/5 Plan. A change from Tier 6 to  Tier  4
 would result in an earlier date of retirement eligibility, lower overall
 prospective  employee  contribution  rates  (should  he return to active
 service), and a larger benefit.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems.
   RISK AND UNCERTAINTY: The costs presented in this Fiscal  Note  depend
 highly  on  the  actuarial  assumptions, methods, and models used, demo-
 graphics of the impacted population, and other factors such  as  invest-
 ment,  contribution, and other risks. If actual experience deviates from
 actuarial  assumptions,  the  actual  costs  could  differ  from   those
 presented  herein.  Quantifying  these risks is beyond the scope of this
 Fiscal Note.
   This Fiscal Note is intended to measure  pension-related  impacts  and
 does  not  include other potential costs (e.g., administrative and Other
 Postemployment Benefits). This Fiscal Note does not reflect any  chapter
 laws that may have been enacted during the current legislative session.
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky  are members of the Society of Actuaries and the American Academy of
 Actuaries. We are members of NYCERS, but do not believe it  impairs  our
 objectivity,  and  we  meet  the Qualification Standards of the American
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 To  the  best  of  our knowledge, the results contained herein have been
 prepared in accordance with generally accepted actuarial principles  and
 procedures  and  with  the Actuarial Standards of Practice issued by the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note  2025-65  dated  May  20,
 2025  was prepared by the Chief Actuary for the New York City Retirement
 Systems and Pension Funds and is intended for use only during  the  2025
 Legislative Session.