Senate Bill S7803

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7803
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                May 9, 2025
                                ___________
 
 Introduced  by  Sen.  RHOADS -- 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 Joshua Kaye to receive certain  retro-
   active  membership  in  the  New  York state and local police and fire
   retirement system

   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,
 Joshua  Kaye,  currently a member of the New York state and local police
 and fire retirement system, who was employed  by  North  Merrick  Public
 School  District on April 7, 2003 who, for reasons not ascribable to his
 own negligence, failed to become a member of  the  New  York  state  and
 local  employees' retirement system during his employment with the North
 Merrick Public School District, shall be deemed to have joined  the  New
 York state and local police and fire retirement system on the date April
 7,  2003  and shall be granted Tier II status in such retirement system,
 if within one year of the effective date of this act, he  shall  file  a
 written  request  with  the  state  comptroller to such effect. Upon the
 granting of such retroactive membership, Joshua Kaye shall not be grant-
 ed a refund of any employee contributions made by him to  the  New  York
 state and local police and fire retirement system.
   § 2. All past service costs associated with the implementation of this
 act shall be borne by the state of New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This  bill  would  grant Tier 2 status in the New York State and Local
 Police and Fire Retirement System to  Joshua  Kaye,  a  current  Tier  6
 member  employed by the Division of State Police, by changing their date
 of membership to April 7, 2003, their  first  date  of  employment  with
 North  Merrick Public 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.
                                                            LBD11159-03-5
              

 S. 7803                             2
 
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate that there will be an increase of  approximately  $14,000  in  the
 annual contributions of the State of New York for the fiscal year ending
 March 31, 2026. In future years this cost will vary as the billing rates
 and salary of Joshua Kaye change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $3,210 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 2, 2025, and intended for use only during the
 2025  Legislative Session, is Fiscal Note No. 2025-150. 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.