S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8735
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2025
                                ___________
 
 Introduced by M. of A. SLATER -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT authorizing Breanne M. Smith to receive a refund of certain accu-
   mulated  contributions paid to 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 the provisions of subdivision b of section
 902 of the retirement and social security law, Breanne M. Smith, a  Tier
 4  member  of the New York state and local employees' retirement system,
 who was formerly a Tier 4 member of the New York city  employee  retire-
 ment  system  with  six years and five months of service credit who then
 paid contributions as a Tier 6 member of the New York  state  and  local
 employees'  retirement  system  employee  employed  at the Putnam County
 district attorney's office during the period of  January,  2016  through
 March 8, 2023 and initiated a tier reinstatement on July 12, 2019, shall
 be entitled to a refund of the accumulated contributions paid to the New
 York  state  and  local  employees'  retirement system for the period in
 which the tier reinstatement was not initiated and a cessation date  was
 not  established,  if  an  application  is  filed within one year of the
 effective date of this act.
   § 2. Notwithstanding any other provision of law to the contrary,  none
 of  the  provisions  of  this  act shall be subject to section 25 of the
 retirement and social security law.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would authorize the  return  of  member  contributions  made
 during  the  period of January 13, 2016 through July 12, 2019 to Breanne
 Smith, a current member of the  New  York  State  and  Local  Employees'
 Retirement System (NYSLERS) employed by Putnam County.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11148-03-5
 A. 8735                             2
              

 
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate that there will be an immediate past service cost of approximately
 $17,800  as  of  February 1, 2026, which would be shared by the State of
 New York and the local participating employers in NYSLERS.    This  bill
 will not increase the future annual contributions of Putnam County.
   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 22, 2025, and intended for use only during
 the 2025 Legislative Session, is Fiscal  Note  No.  2025-133.  As  Chief
 Actuary  of  the  New  York  State and Local Retirement System, I, Aaron
 Schottin Young, hereby certify that this analysis complies with applica-
 ble 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.