Senate Bill S8105

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8105
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 15, 2025
                                ___________
 
 Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Christopher P. Mayr to receive certain credit  under
   section 384-d of the retirement and social security law
 
   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,
 Christopher P. Mayr, who is currently a retired member of the  New  York
 State  and local police and fire retirement system covered under section
 384-e of the retirement and social security  law,  who  for  the  period
 beginning  July  31,  1997 and ending August 28, 2004, was employed as a
 fire fighter with the city of Rensselaer, county of Rensselaer, and who,
 for reasons not ascribable  to  his  own  negligence,  was  not  granted
 service credit under section 384-d of  the retirement and social securi-
 ty  law for such period of employment with the city of Rensselaer, shall
 be granted such service credit  under section 384-d  of  the  retirement
 and  social  security  law  and shall be entitled to the full rights and
 benefits associated with coverage under such section as well as  section
 384-e  of such law, provided that a request to that effect is filed with
 the state comptroller within one year from the effective  date  of  this
 act.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne by the city of Rensselaer.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would grant Christopher P. Mayr, a retiree of the New York
 State and Local Police and Fire Retirement  System,  additional  service
 credit for time worked as a fire fighter with the City of Rensselaer.
   If  this  bill  is  enacted during the 2025 Legislative Session, there
 will be an immediate past service cost of approximately  $115,000  which

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11006-03-5
 S. 8105                             2
              

 
 will  be  borne  by  the  City of Rensselaer 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  May 15, 2025, and intended for use only during
 the 2025 Legislative Session, is Fiscal  Note  No.  2025-131.  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.