Senate Bill S9554

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9554
 
                             I N  S E N A T E
 
                              March 24, 2026
                                ___________
 
 Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive membership with Tier IV status  in  the  New
   York state and local employees' retirement system to William Kerr
 
   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,
 William Kerr, who was employed by the  village  of  Cooperstown  with  a
 start  date of August 24, 1984, and who is currently a member of the New
 York state and local employees' retirement system, who through no  fault
 of  his  own  did  not  become  a member of the New York state and local
 employees' retirement system on August 24, 1984  when  he  first  became
 eligible  for  membership in such system, shall be deemed to have been a
 member of the New York state and local employees' retirement  system  on
 such  date  when  he  commenced  employment and shall be granted Tier IV
 status, provided that an application is filed with the head of  the  New
 York  state  and local employees' retirement system within one year from
 the effective date of  this  act.  Upon  granting  of  such  retroactive
 membership,  William  Kerr shall not be granted a refund of any employee
 contribution made by him to the New  York  state  and  local  employees'
 retirement system.
   § 2. All past service costs associated with the implementation of this
 act shall be borne by the village of Cooperstown.
   § 3. 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 (NYSLERS) to William Kerr, a current Tier 6
 member employed by the Department of Health, by changing their  date  of
 membership  to  August  24,  1984.  There  will  be  no refund of member
 contributions.
   We estimate that the Department of Health's annual contributions  will
 increase $12,000 beginning FYE 2027. Annual costs will vary as the bill-
 ing rates and salary of William Kerr change.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14065-02-6
              

 S. 9554                             2
 
   In  addition,  there will be an immediate past service cost of $66,300
 borne by the village of Cooperstown as a  one-time  payment.  This  cost
 assumes that payment will be made on February 1, 2027.
   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 GASB disclosures can be found in the 2025 Financial
 Statements and Supplementary Information.
   Assumptions, demographics, 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 January 5, 2026, and intended for use only during
 the  2026  Legislative  Session, is Fiscal Note Number 2026-10. 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 Actuaries, of
 which I am a member. I am a member of  NYSLRS  but  do  not  believe  it
 impairs my objectivity.