S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6456
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 17, 2021
                                ___________
 
 Introduced  by M. of A. DURSO -- read once and referred to the Committee
   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-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03566-02-1

 A. 6456                             2
 
 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.
   If  this  bill  is  enacted during the 2021 legislative session, there
 will be an immediate past service cost of approximately  $169,000.  This
 cost  would  be  shared  by  the State of New York and the participating
 employers in the ERS.
   Summary of relevant resources:
   Membership data as of March 31, 2020 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 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, 2020
 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  19,  2021, and intended for use only
 during the  2021  Legislative  Session,  is  Fiscal  Note  No.  2021-82,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.