S T A T E   O F   N E W   Y O R K
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                                  7544--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced  by  M.  of A. RA, McDONOUGH -- read once and referred to the
   Committee 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 with Tier IV status  in  the  New
   York state and local employees' retirement system to Dawn Ward
 
   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,
 Dawn Ward, who was employed with the village of Kensington with a  start
 date  of November 1, 1993, and who is currently a member of the New York
 state and local employees' retirement system, who through  no  fault  of
 her  own did not become a member of the New York state and local employ-
 ees' retirement system on November 1, 1993 when first  employed  by  the
 village  of Kensington, shall be deemed to have been a member of the New
 York state and local employees'  retirement  system  on  such  date  she
 commenced  her  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'  retirement  system within one year from the effective
 date of this act.   Upon the granting of  such  retroactive  membership,
 Dawn  Ward  shall  not  be granted a refund of any employee contribution
 made by her 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 village of Kensington.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would provide Dawn Ward with a date of membership of  Novem-
 ber  11,  1993, their date of first employment with the Village of Kens-
 ington, resulting in Tier 4 status in  the  New  York  State  and  Local
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11489-05-4
              

 A. 7544--A                          2
 
 EmployeesÆ  Retirement  System.  Dawn Ward is currently a Tier 5 member.
 There will be no refund of member contributions.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate  that  there  will  be  an increase of approximately $2,100 in the
 annual contributions of the Village of Great Neck, $640  in  the  annual
 contributions  of  the  Village  of  Kensington,  and $160 in the annual
 contributions of the Village of  Baxter  Estates  for  the  fiscal  year
 ending  March 31, 2025. In future years this cost will vary as the bill-
 ing rates and salary of Dawn Ward change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $300 which will be borne
 by the Village of  Kensington  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 22,  2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-79,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.