Senate Bill S6861

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6861
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 25, 2025
                                ___________
 
 Introduced  by  Sen.  WEBER  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT in relation to granting retroactive tier IV membership in the New
   York state and local employees' retirement system to Karen Siegel

   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,
 Karen  Siegel,  a tier VI member of the New York state and local employ-
 ees' retirement system employed by the South Orangetown  Central  School
 District and who was previously employed as a full-time employee at High
 Tor  State  Park  from  June 28, 1992 through September 6, 1993 and who,
 through no fault of her own, did not become a member  of  the  New  York
 state  and  local employees' retirement system on June 28, 1992 when she
 became eligible for membership in such system, shall be deemed to have a
 date of membership with the New York state and local employees'  retire-
 ment  system  of June 28, 1992 if she shall file an application therefor
 with the state comptroller within one year of the effective date of this
 act. Upon the receipt of such application, Karen Siegel shall be granted
 tier IV status in the New York state  and  local  employees'  retirement
 system and shall be eligible for all the rights and benefits thereof.
   § 2. All past service costs of implementing the provisions of this act
 shall  be  borne  by South Orangetown Central School District, and there
 shall be no refund of member contributions to Karen Siegel.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would provide Karen Siegel with a date of membership of June
 28, 1992, their date of first employment with the  Palisades  Interstate
 Park  Commission,  resulting  in Tier 4 status in the New York State and
 Local Employees' Retirement System. Karen Siegel is currently a  Tier  6
 member  employed  by the South Orangetown Central School District. There
 will be no refund of member contributions.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09190-02-5
              

 S. 6861                             2
 
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate that there will be an increase  of  approximately  $5,300  in  the
 annual contributions of the South Orangetown Central School District for
 the  fiscal  year  ending March 31, 2026. In future years this cost will
 vary as the billing rates and salary of Karen Siegel change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $26,400 which will be
 borne by the South Orangetown Central  School  District  as  a  one-time
 payment.  This estimate assumes that payment will be made on February 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 March 6, 2025, and intended for use only during
 the 2025 Legislative Session, is Fiscal Note No. 2025-72. As Chief Actu-
 ary 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.