New York A 6993: Relates to the renewal of bond anticipation notes

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A06993 Summary:

BILL NOA06993 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORDurso

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

&nbsp

Authorizes Anthony A. Fede Tier I status in the New York state and local employees' retirement system.

Go to top A06993 Actions:

BILL NOA06993 

&nbsp

03/18/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA06993 Committee&nbspVotes:

Go to topA06993 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06993 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6993

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

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

 AN ACT to authorize Anthony A. Fede Tier I 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, Anthony A.
 2 Fede, who is currently retired and who was first eligible to join the
 3 public retirement system as of March 17, 1970 and who was employed by
 4 the Sewanhaka Central High School District from March 17, 1970 to August
 5 10, 1973 and who for reasons not ascribable to his own negligence was
 6 not afforded the opportunity to join the New York state and local
 7 employees' retirement system with Tier I status, shall be deemed to have
 8 become a member of the New York state and local employees' retirement
 9 system as of March 17, 1970; and shall have Tier I status, if, no later
 10 than one year after the effective date of this act he shall file a writ-
 11 ten request with the state comptroller. Upon receipt of such request,
 12 the retirement benefit shall be calculated and payment shall be made
 13 retroactive to his date of retirement.
 14 § 2. No contributions made to the New York state and local employees'
 15 retirement system shall be returned or refunded to Anthony A. Fede
 16 pursuant to this act.
 17 § 3. All past service costs associated with the implementation of this
 18 act shall be borne by all participating employers in the New York state
 19 and local employees' retirement system.
 20 § 4. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would provide Anthony A. Fede with a date of membership of
 March 17, 1970, their date of first employment with the Sewanhaka
 Central School District, resulting in Tier 1 status in the New York
 State and Local Employees' Retirement System (NYSLERS). Anthony A. Fede

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04081-02-5

 A. 6993 2

 is currently a Tier 4 retiree. Their retirement benefit will be recalcu-
 lated and payment will be made retroactive to their date of retirement.
 There will be no refund of member contributions.
 If this bill is enacted during the 2025 Legislative Session, there
 will be an immediate past service cost of approximately $222,000. This
 cost will be shared by the State of New York and the Local participating
 employers in the NYSLERS.
 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 February 26, 2025, and intended for use only
 during the 2025 Legislative Session, is Fiscal Note No. 2025-87. As
 Chief Actuary of the New York State and Local