Bill Text: NY A05577 | 2021-2022 | General Assembly | Introduced

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Bill Title: Grants retroactive membership in Tier IV of the New York state and local employees' retirement system to Shawn Coveny.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-06-08 - substituted by s3594 [A05577 Detail]

Download: New_York-2021-A05577-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5577

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    February 22, 2021
                                       ___________

        Introduced by M. of A. BYRNES -- read once and referred to the Committee
          on Governmental Employees

        AN  ACT  granting retroactive membership in the New York state and local
          employees' retirement system to Shawn Coveny

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Notwithstanding any other law to the contrary, Shawn Cove-
     2  ny, an employee of the New York  State  Department  of  Corrections  and
     3  Community  Supervision  and  a  member  of  the New York state and local
     4  employees' retirement system, who was employed as a New York state  park
     5  aide  for  Letchworth State Park as a seasonal employee in the summer of
     6  2008, who for reasons not ascribable to his own  negligence,  failed  to
     7  become  a  member  of  such  retirement system during such employment by
     8  Letchworth State Park in 2008, shall be deemed to have  joined  the  New
     9  York  state  and  local employees' retirement system on the date May 31,
    10  2008 if, within one year of the effective date of  this  act,  he  shall
    11  file a written request with the state comptroller.
    12    §  2. No contributions made to the New York state and local employees'
    13  retirement system by Shawn Coveny shall be returned or refunded  to  him
    14  pursuant to this act.
    15    § 3. All past service costs of implementing the provisions of this act
    16  shall be borne by the state of New York.
    17    § 4. This act shall take effect immediately.
        FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  will  change  the  date  of membership for Shawn Coveny, a
        current Tier 6 member in the New York State and Local Employees' Retire-
        ment System employed by the New York State Department of Corrections and
        Community Supervision, to May 31, 2008, his  first  date  of  employment
        with  Letchworth  State Park. There will be no refund of member contrib-
        utions.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04186-02-1
        A. 5577                             2

          If this bill is enacted during the  2021  legislative  session,  there
        will  be an increase of approximately $5,900 in the annual contributions
        of the State of New York for the fiscal year ending March 31,  2022.  In
        future  years,  this  cost  will vary as the billing rates and salary of
        Shawn Coveny change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $5,280 which will be
        borne by the State of New York as a one-time payment. This  estimate  is
        based on the assumption that payment will be made on March 1, 2022.
          Summary of relevant resources:
          Membership  data as of March 31, 2020 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        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, 2020
        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 11,  2021,  and  intended  for  use  only
        during  the  2021  Legislative  Session,  is  Fiscal  Note  No. 2021-39,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.