S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9889
 
                           I N  A S S E M B L Y
 
                              April 26, 2024
                                ___________
 
 Introduced  by M. of A. BENDETT -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT granting retroactive tier IV status in the  New  York  state  and
   local employees' retirement system to Joanne De Vito
 
   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,
 Joanne De Vito, who was employed as a camp counselor with  the  Town  of
 Poestenkill  with  a  start date of July 1, 1985, and who is currently a
 member of the New York state and local employees' retirement system with
 the department of transportation, who through no fault of  her  own  did
 not  become  a member of the New York state and local employees' retire-
 ment system on July 1, 1985 when first employed by the Town of  Poesten-
 kill  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 appli-
 cation 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, Joanne De Vito shall
 not be granted a refund of any employee contributions 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 Town of Poestenkill.
   § 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 Joanne De Vito, a current Tier 6  member
 employed by the New York State Department of Transportation, by changing
 their date of membership to July 1, 1985, their first date of employment
 with the Town of Poestenkill. There will be no refund of member contrib-
 utions.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate  that  there  will  be  an increase of approximately $5,300 in the
 annual contributions of the State of New York for the fiscal year ending
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14801-02-4
 A. 9889                             2
 
 March 31, 2025. In future years this cost will vary as the billing rates
 and salary of Joanne De Vito change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $15,100 which will be
 borne by the Town of Poestenkill 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 April 3, 2024, and intended for use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-157, prepared by
 the Actuary for the New York State and Local Retirement System.