Bill Text: NY S08823 | 2021-2022 | General Assembly | Introduced

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Bill Title: Grants retroactive Tier IV membership in the New York state and local employees' retirement system to Brian Stebbins.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-04-21 - REFERRED TO CIVIL SERVICE AND PENSIONS [S08823 Detail]

Download: New_York-2021-S08823-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8823

                    IN SENATE

                                     April 21, 2022
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT granting retroactive Tier IV membership in the New York state and
          local employees' retirement system to Brian Stebbins

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any other provision of law, Brian Stebbins,
     2  a  member  of the New York state and local employees' retirement system,
     3  who was employed on August 1, 2003, by the village of Green Island,  and
     4  who  filed  a  membership  application in such system on August 1, 2003,
     5  which should have given him Tier IV status but for reasons not  ascriba-
     6  ble to his own negligence and due to an administrative error, the appli-
     7  cation was not processed in the usual manner and therefore not processed
     8  until  March  15, 2012, may be deemed to have become a member of the New
     9  York state and local employees' retirement system on August 1, 2003,  if
    10  on  or  before  December  31, 2022 he shall file an application therefor
    11  with the state comptroller. Upon the receipt of such application,  Brian
    12  Stebbins shall be granted Tier IV status in the New York state and local
    13  employees'  retirement  system  and  be  eligible for all the rights and
    14  benefits thereof. No contributions made to the New York state and  local
    15  employees'  retirement system by Brian Stebbins shall be returned to him
    16  pursuant to this act.
    17    § 2. Any past service costs incurred in implementing the provisions of
    18  this act shall be borne by the village of Green Island.
    19    § 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  to  Brian  M. Stebbins, a current Tier 5
        member employed by the State of  New  York,  by  changing  his  date  of
        membership  to  August  1,  2003,  the first date he was employed by the
        Village of Green Island.
          If this legislation is enacted during the 2022 legislative session, we
        anticipate that there will be an increase of approximately $1,800 in the
        annual contributions of the State of New York for the fiscal year ending

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14604-02-2
        S. 8823                             2

        March 31, 2023. In future years, this cost  will  vary  as  the  billing
        rates and salary of Brian M. Stebbins change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $51,900 which will be
        borne by the Village of Green Island as a one-time payment.  This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2023.
          Summary of relevant resources:
          Membership  data as of March 31, 2021 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        and  2021 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, 2021
        New  York  State  and  Local  Retirement System Financial Statements and
        Supplementary Information.
          I am a member of the American Academy of Actuaries and meet the Quali-
        fication Standards to render the actuarial opinion contained herein.
          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 17, 2022, and intended for use only  during
        the  2022  Legislative  Session, is Fiscal Note No. 2022-96, prepared by
        the Actuary for the New York State and Local Retirement System.