S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9923
 
                           I N  A S S E M B L Y
 
                             February 27, 2020
                                ___________
 
 Introduced  by M. of A. LiPETRI -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT to authorize Anthony A. Fede Tier I status in the New York  state
   and local employees' 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,  Anthony  A.
 Fede,  who  is  currently retired and who was first eligible to join the
 public retirement system as of March 17, 1970 and who  was  employed  by
 the Sewanhaka Central High School District from March 17, 1970 to August
 10,  1973  and  who for reasons not ascribable to his own negligence was
 not afforded the opportunity to  join  the  New  York  state  and  local
 employees' retirement system with Tier I status, shall be deemed to have
 become  a  member  of the New York state and local employees' retirement
 system as of March 17, 1970; and shall have Tier I status, if, no  later
 than one year after the effective date of this act he shall file a writ-
 ten  request  with  the state comptroller. Upon receipt of such request,
 the retirement benefit shall be calculated and  payment  shall  be  made
 retroactive to his date of retirement.
   §  2. No contributions made to the New York state and local employees'
 retirement system shall be returned  or  refunded  to  Anthony  A.  Fede
 pursuant to this act.
   § 3. All past service costs associated with the implementation of this
 act  shall be borne by all participating employers in the New York state
 and local employees' retirement system.
   § 4. This act shall take effect immediately.
   Fiscal Note.--Pursuant to Legislative Law, Section 50:
   This bill will grant Tier 1 status in the New  York  State  and  Local
 Employees'  Retirement System (ERS) to Anthony A. Fede, a retired Tier 4
 member, by changing his date of membership to March 17, 1970, his  first
 date  of  employment with Sewanhaka Central School District. The retire-
 ment benefit will be recalculated and payment will be  made  retroactive
 to  his  date  of retirement. There will be no refund of member contrib-
 utions.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD06867-04-0

 A. 9923                             2
 
   If this bill is enacted during the  2020  legislative  session,  there
 will  be  an immediate past service cost of approximately $159,000. This
 cost would be shared by the State of  New  York  and  the  participating
 employers in the ERS.
   Summary of relevant resources:
   The  membership  data  used  in  measuring  the impact of the proposed
 change was the same as that used in the March 31, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018 and 2019 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, 2019
 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  February  20,  2020, and intended for use only
 during the  2020  Legislative  Session,  is  Fiscal  Note  No.  2020-54,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.