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S T A T E O F N E W Y O R K
________________________________________________________________________
6861
2025-2026 Regular Sessions
I N S E N A T E
March 25, 2025
___________
Introduced by Sen. WEBER -- 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 retroactive tier IV membership in the New
York state and local employees' retirement system to Karen Siegel
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 to the contrary,
2 Karen Siegel, a tier VI member of the New York state and local employ-
3 ees' retirement system employed by the South Orangetown Central School
4 District and who was previously employed as a full-time employee at High
5 Tor State Park from June 28, 1992 through September 6, 1993 and who,
6 through no fault of her own, did not become a member of the New York
7 state and local employees' retirement system on June 28, 1992 when she
8 became eligible for membership in such system, shall be deemed to have a
9 date of membership with the New York state and local employees' retire-
10 ment system of June 28, 1992 if she shall file an application therefor
11 with the state comptroller within one year of the effective date of this
12 act. Upon the receipt of such application, Karen Siegel shall be granted
13 tier IV status in the New York state and local employees' retirement
14 system and shall be eligible for all the rights and benefits thereof.
15 § 2. All past service costs of implementing the provisions of this act
16 shall be borne by South Orangetown Central School District, and there
17 shall be no refund of member contributions to Karen Siegel.
18 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would provide Karen Siegel with a date of membership of June
28, 1992, their date of first employment with the Palisades Interstate
Park Commission, resulting in Tier 4 status in the New York State and
Local Employees' Retirement System. Karen Siegel is currently a Tier 6
member employed by the South Orangetown Central School District. There
will be no refund of member contributions.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09190-02-5
S. 6861 2
If this bill is enacted during the 2025 Legislative Session, we antic-
ipate that there will be an increase of approximately $5,300 in the
annual contributions of the South Orangetown Central School District for
the fiscal year ending March 31, 2026. In future years this cost will
vary as the billing rates and salary of Karen Siegel change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $26,400 which will be
borne by the South Orangetown Central School District as a one-time
payment. This estimate assumes that payment will be made on February 1,
2026.
Summary of relevant resources:
Membership data as of March 31, 2024 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2024 actuari-
al valuation. Distributions and other statistics can be found in the
2024 Report of the Actuary and the 2024 Annual Comprehensive Financial
Report. The actuarial assumptions and methods used are described in the
2024 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, 2024 New York State and Local Retirement System Financial Statements
and Supplementary Information.
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 March 6, 2025, and intended for use only during
the 2025 Legislative Session, is Fiscal Note No. 2025-72. As Chief Actu-
ary of the New York State and Local Retirement System, I, Aaron Schottin
Young, hereby certify that this analysis complies with applicable Actu-
arial Standards of Practice as well as the Code of Professional Conduct
and Qualification Standards for Actuaries Issuing Statements of Actuari-
al Opinion of the American Academy of Actuaries, of which I am a member.