NY State Assembly Bill 2023-A5379A

Assembly Bill A5379A

2023-2024 Legislative Session

Grants retroactive membership in the New York state and local police and fire retirement system to Paul Valentine Jr.

download bill text pdf

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 08, 2024	print number 5379a
Feb 08, 2024	amend and recommit to governmental employees
Jan 03, 2024	referred to governmental employees
Mar 09, 2023	referred to governmental employees

Bill Amendments

Original

A (Active)

2023-A5379 - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement
Versions Introduced in 2021-2022 Legislative Session:: A10132

2023-A5379 - Summary

Grants retroactive membership in Tier II of the New York state and local police and fire retirement system to Paul Valentine Jr.

2023-A5379 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5379
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 9, 2023
                                ___________
 
 Introduced  by M. of A. MCGOWAN -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT granting retroactive membership in the New York state  and  local
   police and fire retirement system to Paul Valentine Jr.
 
   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, Paul  Valen-
 tine  Jr., an employee of the Town of Orangetown and a member of the New
 York state and local police and fire retirement system, who for  reasons
 not  ascribable  to his own negligence, failed to become a member of the
 New York state and local employees' retirement system during his employ-
 ment with the Town of Orangetown on June 26, 2001, shall  be  deemed  to
 have  joined  the  New  York  state and local police and fire retirement
 system on such date and shall be granted Tier II status in the New  York
 state  and  local police and fire retirement system, 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 retirement
 system by Paul Valentine Jr.   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 Town of Orangetown.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide  Paul Valentine Jr. a date of membership of
 June 26, 2001, resulting in Tier 2 status in  the  New  York  State  and
 Local Police and Fire Retirement System. Paul Valentine Jr. is currently
 in Tier 6. There will be no refund of member contributions.
   If this bill is enacted during the 2023 legislative session, we antic-
 ipate  that  there  will  be an increase of approximately $16,000 in the
 annual contributions of the Town  of  Orangetown  for  the  fiscal  year

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09455-02-3

 A. 5379                             2
 
 ending March 31, 2024. In future years, this cost will vary as the bill-
 ing rates and salary of Paul Valentine Jr. change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $9,940 which will be
 borne by the Town of Orangetown as a  one-time  payment.  This  estimate
 assumes that payment will be made on February 1, 2024.
   Summary of relevant resources:
   Membership  data as of March 31, 2022 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in the  2020,
 2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
 tions, 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, 2022
 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 3, 2023, and intended for use  only  during
 the  2023  Legislative  Session, is Fiscal Note No. 2023-86, prepared by
 the Actuary for the New York State and Local Retirement System.

2023-A5379A (ACTIVE) - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement
Versions Introduced in 2021-2022 Legislative Session:: A10132

2023-A5379A (ACTIVE) - Summary

Grants retroactive membership in Tier II of the New York state and local police and fire retirement system to Paul Valentine Jr.

2023-A5379A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5379--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 9, 2023
                                ___________
 
 Introduced  by M. of A. MCGOWAN -- read once and referred to the Commit-
   tee on Governmental Employees  --  recommitted  to  the  Committee  on
   Governmental  Employees  in accordance with Assembly Rule 3, sec. 2 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN  ACT  granting retroactive membership in the New York state and local
   police and fire retirement system to Paul Valentine Jr.
 
   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, Paul Valen-
 tine Jr., an employee of the Town of Orangetown and a member of the  New
 York  state and local police and fire retirement system, who for reasons
 not ascribable to his own negligence, failed to become a member  of  the
 New York state and local employees' retirement system during his employ-
 ment  with  the  Town of Orangetown on June 26, 2001, shall be deemed to
 have joined the New York state and  local  police  and  fire  retirement
 system  on such date and shall be granted Tier II status in the New York
 state and local police and fire retirement system, 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  retirement
 system  by  Paul  Valentine  Jr.    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 Town of Orangetown.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would provide Paul Valentine Jr. with a date  of  membership
 of  June  26, 2001, resulting in Tier 2 status in the New York State and
 Local Police and Fire Retirement System. Paul Valentine Jr. is currently
 a Tier 6 member. There will be no refund of member contributions.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09455-03-4

 A. 5379--A                          2
 
   If this bill is enacted during the 2024 legislative session, we antic-
 ipate that there will be an increase of  approximately  $20,000  in  the
 annual  contributions  of  the  Town  of  Orangetown for the fiscal year
 ending March 31, 2025. In future years, this cost will vary as the bill-
 ing rates and salary of Paul Valentine Jr. change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $12,700 which will be
 borne by the Town of Orangetown as a  one-time  payment.  This  estimate
 assumes that payment will be made on February 1, 2025.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 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, 2023
 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 January 3, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No.  2024-25,  prepared  by
 the Actuary for the New York State and Local Retirement System.

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