Senate Bill S10329

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10329
 
                             I N  S E N A T E
 
                               May 14, 2026
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT in relation to authorizing Tier IV status in the New  York  state
   and local employees' retirement system for P'nina Gluck
 
   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  the  law  to  the
 contrary, P'nina Gluck, an employee of the New York state assembly and a
 member  the  New  York state and local employees' retirement system, who
 was employed on January 1, 2004  who for reasons not ascribable  to  her
 own  negligence,  failed to become a member of such retirement system in
 2004, shall be deemed to have  joined  the  New  York  state  and  local
 employees'  retirement  system  on the date January 1, 2004 and shall be
 granted Tier IV status in such retirement system, if, within one year of
 the effective date of this act, she shall file a  written  request  with
 the state comptroller.
   §  2. No contributions made to the New York state and local employees'
 retirement system by P'nina Gluck shall be returned or refunded  to  her
 pursuant to this act.
   §  3. All past service costs of implementing the provision of this act
 shall be borne by the state of New York.
   § 4. 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  to P'nina Gluck, a current Tier 6 member
 employed by the New York state  assembly,  by  changing  their  date  of
 membership to January 1, 2004.
   There will be no refund of member contributions.
   We  estimate  that New York state's annual contributions will increase
 $9,700 beginning FYE 2027. Annual costs will vary as the  billing  rates
 and salary of P'nina Gluck change.
   In  addition,  there  will be an immediate past service cost of $9,200
 borne by New York state as a one-time payment. This  cost  assumes  that
 payment will be made on March 1, 2027.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14778-02-6
 S. 10329                            2
 
   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 the GASB disclosures can be found in the 2025 Finan-
 cial Statements and Supplementary Information.
   Assumptions,  demographics, and 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 February 23, 2026,  and  intended  for  use  only
 during  the 2026 Legislative Session, is Fiscal Note Number 2026-127. 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 Actu-
 aries, of which I am a member. I am  a  member  of  NYSLRS  but  do  not
 believe it impairs my objectivity.