NY State Senate Bill 2023-S7469

Senate Bill S7469

2023-2024 Legislative Session

Grants Tier IV status in the New York state and local employees' retirement system to Vincent Stark

download bill text pdf

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions 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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to civil service and pensions
Jun 10, 2023	recommitted to rules
Jun 05, 2023	ordered to third reading cal.1600 committee discharged and committed to rules
May 30, 2023	referred to civil service and pensions

Votes

- Jun 5, 2023 - Rules Committee Vote
  S7469
  
  21
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 5, 2023
      
      aye (21)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Helming
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas

2023-S7469 (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement

2023-S7469 (ACTIVE) - Summary

Grants Tier IV status in the New York state and local employees' retirement system to Vincent Stark.

2023-S7469 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S7469

SPONSOR: BRESLIN
 
TITLE OF BILL:

An act in relation to granting Tier IV status in the New York state and
local employees' retirement system to Vincent Stark

 
PURPOSE OR GENERAL IDEA OF BILL:

Allows Vincent Stark, who failed to become a member of the New York
State and Local Employees Retirement System for reasons not ascribable
to his own negligence, and was employed by the New York State Assembly
as an intern, to claim a benefit from his original employment start date
when he was an employee of the New York State Assembly.

 
SUMMARY OF PROVISIONS:

Section 1 allows Vincent Stark to receive a benefit based on the total
service credit to which he was entitled at the time of his employment
start. Section 2 requires that there shall be no refund of member bene-
fits to Vincent Stark. Section 3 requires that all costs associated with

this act be borne by the state of New York. Section 4 contains the
effective date.

 
JUSTIFICATION:

Vincent Stark was employed by the New York State Assembly starting from
January of 2005 to June of 2005. He was eligible the pension system, but
through no fault of his own, did not join at that time. At the time, he
would have been eligible for entrance into Tier IV. However, as he was
not provided with an application to apply for membership pursuant to
Section 45 of the Retirement and Social Security Law of 1986, he did not
join the system in 2005. Had he entered the pension system in 2005, he
would be a member of Tier IV. This bill allows him to retroactively
enter the pension tier that he was entitled to in 2005.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

Fiscal note attached.

 
EFFECTIVE DATE:
This act shall take effect immediately

2023-S7469 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7469
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 30, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT in relation to granting Tier IV status in the New York state  and
   local employees' retirement system to Vincent Stark
 
   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,
 Vincent Stark, an employee of  the  Albany  County  District  Attorney's
 Office  and  a member of the New York state and local employees' retire-
 ment system, who was employed as an  intern  with  the  New  York  State
 Assembly  from  January  3, 2005 until July 1, 2005, who for reasons not
 ascribable to his own negligence, failed to  become  a  member  of  such
 retirement  system during such employment with the New York State Assem-
 bly in 2005, shall be deemed to have joined the New York state and local
 employees' retirement system on the date January 3, 2005  and  shall  be
 granted Tier IV status in such 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 employees'
 retirement system by Vincent Stark 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 state of New York.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would grant retroactive Tier 4 status in the New York State
 and Local Employees' Retirement System to Vincent Stark, a current  Tier
 5  member  employed  by the Albany County District Attorney's Office, by
 changing their date of membership to January 3, 2005. There will  be  no
 refund of member contributions.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11176-02-3
 S. 7469                             2

 
   If this bill is enacted during the 2023 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $2,400 in the
 annual contributions of the County of Albany for the fiscal year  ending
 March  31,  2024.  In  future  years, this cost will vary as the billing
 rates and salary of Vincent Stark change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $55,600 which will be
 borne by the State of New York as  a  one-time  payment.  This  estimate
 assumes that payment will be made on March 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 May 18, 2023, and intended for  use  only  during
 the  2023  Legislative Session, is Fiscal Note No. 2023-159, prepared by
 the Actuary for the New York State and Local Retirement System.

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