S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7498
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             November 3, 2021
                                ___________
 
 Introduced  by Sen. MARTUCCI -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT granting retroactive tier IV status in the  New  York  state  and
   local employees' retirement system to Dana Kerstanski
 
   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,
 Dana Kerstanski, who was employed as a  substitute  custodian  with  the
 Warwick  Valley  school  district with a start date of May 10, 2006, and
 who is currently a member of the New York  state  and  local  employees'
 retirement  system,  who  through  no  fault of his own did not become a
 member of the New York state and local employees' retirement  system  on
 May  10,  2006 when first employed by the Warwick Valley school district
 shall be deemed to have been a member of the New York  state  and  local
 employees'  retirement  system  on such date he commenced his employment
 and shall be granted Tier IV status, provided  that  an  application  is
 filed  with  the head of the New York state and local employees' retire-
 ment system within one year from the effective date of this act.    Upon
 the  granting  of such retroactive membership, Dana Kerstanski shall not
 be granted a refund of any employee contributed made by him to  the  New
 York state and local employees' retirement system.
   §  2.  All  past  services costs associated with the implementation of
 this act shall be borne by the Warwick Valley school district.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would grant Tier 4 status in the New York  State  and  Local
 Employees' Retirement System to Dana Kerstanski, a current Tier 6 member
 employed by the Monroe Woodbury Central School District, by changing his
 date  of  membership  to May 10, 2006. There will be no refund of member
 contributions.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10973-05-1
 S. 7498                             2
              

 
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate that there will be an increase  of  approximately  $4,900  in  the
 annual  contributions of the Monroe Woodbury Central School District for
 the fiscal year ending March 31, 2022. In future years, this  cost  will
 vary as the billing rates and salary of Dana Kerstanski change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $47,400 which will be
 borne by the Warwick  Valley  Central  School  District  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  May 19, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No. 2021-139,  prepared  by
 the Actuary for the New York State and Local Retirement System.