S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6434
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               June 11, 2019
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT granting retroactive membership in the New York state  and  local
   employees' retirement system to Shawn Coveny
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other law to the contrary, Shawn  Cove-
 ny,  an  employee  of  the  New York State Department of Corrections and
 Community Supervision and a member of  the  New  York  state  and  local
 employees'  retirement system, who was employed as a New York state park
 aide for Letchworth State Park as a seasonal employee in the  summer  of
 2008,  who  for  reasons not ascribable to his own negligence, failed to
 become a member of such retirement  system  during  such  employment  by
 Letchworth  State  Park  in 2008, shall be deemed to have joined the New
 York state and local employees' retirement system on the  date  May  31,
 2008  if,  within  one  year of the effective date of this act, he shall
 file a written request with the state comptroller.
   § 2. No contributions made to the New York state and local  employees'
 retirement  system  by Shawn Coveny shall be returned or refunded to him
 pursuant to this act.
   § 3. All past service costs of implementing the provisions of this act
 shall be borne by the state of New York.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will change the date  of  membership  for  Shawn  Coveny,  a
 current Tier 6 member in the New York State and Local Employees' Retire-
 ment System employed by the New York State Department of Corrections and
 Community  Supervision,  to  May  31, 2008, his first date of employment
 with Letchworth State Park. 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.
                                                            LBD13116-03-9
              

 S. 6434                             2
 
   If  this  bill  is  enacted during the 2019 legislative session, there
 will be an increase of approximately $4,000 in the annual  contributions
 of  the  State of New York for the fiscal year ending March 31, 2020. In
 future years, this cost will vary as the billing  rates  and  salary  of
 Shawn Coveny change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $2,660 which will be
 borne by the State of New York as a one-time payment. This  estimate  is
 based on the assumption that payment will be made on March 1, 2020.
   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, 2018  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  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, 2018
 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  June 7, 2019, and intended for use only during
 the 2019 Legislative Session, is Fiscal Note No. 2019-136,  prepared  by
 the Actuary for the New York State and Local Retirement System.