S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10316
 
                           I N  A S S E M B L Y
 
                               May 13, 2022
                                ___________
 
 Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
   J. A. Giglio) -- read once and referred to the  Committee  on  Govern-
   mental Employees
 
 AN ACT granting retroactive Tier II membership in the New York state and
   local police and fire retirement system to Giuseppe T. Rosini
 
   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,  Giuseppe  T.
 Rosini, a member of the New York state and local police and fire retire-
 ment  system, who was employed in October 2004, by the Wading River Fire
 District, who, for reasons not ascribable to his own negligence, did not
 file a membership application in the New York state and local police and
 fire retirement system, and did not become a  member  of  the  New  York
 state  and  local  police  and fire retirement system until December 15,
 2014, which gave him Tier VI status instead of Tier II status, where  he
 would  have  been had he been able to file a membership application when
 he became an employee in October 2004 may be deemed  to  have  become  a
 member of the New York state and local police and fire retirement system
 on  October  25,  2004 if, within one year of the effective date of this
 act, he shall file with the state comptroller a written request to  that
 effect.  Upon  the  granting of such retroactive membership, Giuseppe T.
 Rosini shall not be granted a refund of any employee  contribution  made
 by  him  to  the  New  York  state  and local police and fire retirement
 system.
   § 2. All past service costs associated with the implementation of this
 act shall be borne by the Wading River Fire District.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would grant Tier 2 status in the New York  State  and  Local
 Police  and  Fire Retirement System (NYSLPFRS) for Giuseppe T. Rosini, a
 current Tier 6 member of the NYSLPFRS employed by the Town of Riverhead,
 by changing his date of membership to  October  25,  2004.  Giuseppe  T.
 Rosini  was  previously  employed  by  the Wading River Fire District, a
 participating employer in  the  New  York  State  and  Local  Employees'
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14593-04-2
 A. 10316                            2
 
 Retirement  System,  beginning  October 2004. There will be no refund of
 member contributions. All past service costs will be borne by the Wading
 River Fire District.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate  that  there  will  be an increase of approximately $17,000 in the
 annual contributions of the Town of Riverhead for the fiscal year ending
 March 31, 2023. In future years, this cost  will  vary  as  the  billing
 rates and salary of Giuseppe T. Rosini change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $15,200 which will be
 borne by the Wading River Fire District  as  a  one-time  payment.  This
 estimate  is based on the assumption that payment will be made on Febru-
 ary 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 April 25, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No.  2022-81,  prepared  by
 the Actuary for the New York State and Local Retirement System.