S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5291--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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 provide Dana Kerstanski with a date of membership of
 May 10, 2006, their date of first employment  with  the  Warwick  Valley

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09316-03-4
              

 S. 5291--A                          2
 
 Central  School  District,  resulting  in  Tier 4 status in the New York
 State  and  Local  Employees'  Retirement  System.  Dana  Kerstanski  is
 currently a Tier 6 member employed by the Monroe Woodbury Central School
 District. 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 $4,100 in the
 annual contributions of the Monroe Woodbury Central School District  for
 the  fiscal  year  ending March 31, 2025. 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 $49,200  which  will  be
 borne  by  the  Warwick  Valley  Central  School  District 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 25,  2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-73,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.