A04061 Summary:

BILL NOA04061
 
SAME ASSAME AS S03010
 
SPONSORMorinello
 
COSPNSR
 
MLTSPNSR
 
 
Authorizes George Amendola Tier II status in the New York state and local employees' retirement system.
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A04061 Actions:

BILL NOA04061
 
02/09/2023referred to governmental employees
01/03/2024referred to governmental employees
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A04061 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A4061
 
SPONSOR: Morinello
  TITLE OF BILL: An act to authorize George A. Amendola Tier II status in the New York state and local employees' retirement system   PURPOSE OR GENERAL IDEA OF BILL: This legislation provides George Amendola Tier II Status as of September 20, 19.74.   SUMMARY OF SPECIFIC PROVISIONS: Section 1 allows George Amendola to join ERS as of September 20, 1974 who through no fault of his own was not enrolled in the retirement system. Section 2 states that there are no contributions to be returned to George Amendola. Section 3 states cost will be borne by the Niagara Falls School District. Section 4 is the effective date.   JUSTIFICATION: Through no fault of his own George Amendola was not enrolled in the retirement system when first eligible on September 20, 1974. This legis- lation seeks to fix this inequity.   PRIOR LEGISLATIVE HISTORY: 2021-2022: S. 5101A 2019-2020: S. 1574 2017-2018: S. 7822   FISCAL IMPLICATIONS:   EFFECTIVE DATE: This act shall take effect immediately.
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A04061 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4061
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 9, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  MORINELLO  --  read once and referred to the
          Committee on Governmental Employees
 
        AN ACT to authorize George A. Amendola Tier II status in  the  New  York
          state and local employees' retirement system
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Notwithstanding any  other  provision  of  law,  George  A.
     2  Amendola, who was first eligible to join the public retirement system as
     3  of  September  20, 1974 and who was employed by the Niagara Falls school
     4  district from September 20, 1974 to June 2, 1978 and who for reasons not
     5  ascribable to his own negligence was not  afforded  the  opportunity  to
     6  join the New York state and local employees' retirement system with Tier
     7  II status, shall be deemed to have become a member of the New York state
     8  and  local  employees'  retirement  system as of September 20, 1974; and
     9  shall have Tier II status, if, no later than one year after  the  effec-
    10  tive  date  of  this  act he shall file a written request with the state
    11  comptroller; and upon receipt of such application, the comptroller shall
    12  recalculate George Amendola's retirement  benefits  and  thereafter  pay
    13  such benefits accordingly as if he shall have been deemed to have joined
    14  such retirement system on September 20, 1974.
    15    §  2. No contributions made to the New York state and local employees'
    16  retirement system shall be returned or refunded to  George  A.  Amendola
    17  pursuant to this act.
    18    § 3. All past service costs associated with the implementation of this
    19  act shall be borne by the Niagara Falls school district.
    20    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would grant Tier 2 status to George A. Amendola, a retired
        Tier 4 member of the New York  State  and  Local  Employees'  Retirement
        System,  by  changing  their  date  of membership to September 20, 1974,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04751-02-3

        A. 4061                             2
 
        their first date of  employment  with  the  Niagara  Falls  City  School
        District.  There will be no refund of member contributions.
          If  this  bill  is  enacted during the 2023 legislative session, there
        will be an immediate past service cost of  approximately  $33,600  which
        will  be  borne  by the Niagara Falls City School District as a one-time
        payment.  This estimate assumes that payment will be made on February 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  January  25,  2023,  and intended for use only
        during the 2023  Legislative  Session,  is  Fiscal  Note  No.  2023-032,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.
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A04061 LFIN:

 NO LFIN
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