S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6670
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 25, 2021
                                ___________
 
 Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT granting retroactive tier IV membership in the New York state and
   local employees' retirement system to David Goodman
 
   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 to the contrary,
 David  Goodman,  a  member  of  the  New York state and local employees'
 retirement system, who on November 24, 2009 commenced part time  employ-
 ment  with  the  town  of  Marcy, and who applied for membership in such
 retirement system on December 2, 2009, and who, for reasons not ascriba-
 ble to his own negligence, failed to become a member  of  the  New  York
 state  and  local  employees'  retirement system on December 2, 2009 and
 therefore has tier VI instead of tier IV status, shall be deemed to have
 joined such retirement system on November 24, 2009, the commencement  of
 his  employment with the town of Marcy, if within one year of the effec-
 tive date of this act he shall file an  application  therefor  with  the
 state comptroller. Upon receipt of such application, David Goodman shall
 be deemed to have joined the New York state and local employees' retire-
 ment system on November 24, 2009.
   § 2. All past service costs of implementing the provisions of this act
 shall  be  borne  by  the town of Marcy, and there shall be no refund of
 member contributions to David Goodman.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow David Goodman, currently a Tier 6 member of  the
 New  York  State  and  Local Employees' Retirement System, to elect into
 Tier 4 by changing his date of membership to November  24,  2009.  There
 will be no refund of member contributions.
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $7,000 in the

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

                                                            LBD03501-03-1

 A. 6670                             2
 
 annual contributions of Mohawk Valley Psychiatric Center for the  fiscal
 year  ending March 31, 2022. In future years, this cost will vary as the
 billing rates and salary of David Goodman change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $9,010 which will be
 borne by the Town of Marcy as a one-time payment. This estimate is based
 on the assumption that payment will be made on February 1, 2022.
   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 March 5, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No.  2021-83,  prepared  by
 the Actuary for the New York State and Local Retirement System.