Bill Text: NY A07260 | 2023-2024 | General Assembly | Amended

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Bill Title: Authorizes Michael J. Cappiello to purchase service credit for service with the Long Island Railroad Company police department prior to its merger with the MTA and the state retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-03-27 - print number 7260a [A07260 Detail]

Download: New_York-2023-A07260-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7260--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 16, 2023
                                       ___________

        Introduced by M. of A. GANDOLFO -- read once and referred to the Commit-
          tee  on  Governmental  Employees  --  recommitted  to the Committee on
          Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee

        AN ACT authorizing Michael J. Cappiello to purchase service  credit  for
          service with the Long Island Railroad Company police department

          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,  Michael  J.
     2  Cappiello,  a  former  member of the Long Island Railroad Company police
     3  department, shall be eligible to apply to purchase up to three years  of
     4  service  credit  for  such  employment with the New York state and local
     5  police and fire retirement system if, within one year of  the  effective
     6  date  of  this  act,  he shall (1) file a written request to that effect
     7  with such retirement system; and (2) shall pay to the New York state and
     8  local police and fire retirement system a sum equal to  the  product  of
     9  the  number  of years of service being claimed and three percent of such
    10  member's compensation  earned  during  the  twelve  months  of  credited
    11  service  immediately preceding the date that the member made application
    12  for credit pursuant to this section.
    13    § 2. All past service costs attributable to the implementation of this
    14  act shall be borne by the state of New York.
    15    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Michael J. Cappiello, a current  member  of  the
        New  York  State  and Local Police and Fire Retirement System (NYSLPFRS)
        employed by the County of Suffolk, the ability to purchase up  to  three
        years of service credit for employment as a police officer with the Long
        Island Railroad Company. Under current law, service with the Long Island
        Railroad  Company  must  be  credited in the Metropolitan Transportation

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01252-04-4
        A. 7260--A                          2

        Authority police retirement program before it can be transferred to  the
        NYSLPFRS. Michael J. Cappiello never became a member of the Metropolitan
        Transportation  Authority police retirement program and therefore has no
        service credit to transfer.
          If  this  bill  is  enacted during the 2024 Legislative Session, there
        will be an immediate past service cost  of  approximately  $172,000.  Of
        this  amount,  approximately  $14,000  will  be  borne  by the member to
        purchase the additional service. The remaining $158,000 will be borne by
        the State of New York as a one-time payment,  based  on  the  assumption
        that payment will be made on March 1, 2025.
          This  bill  will  not  increase the future annual contributions of the
        County of Suffolk.
          Summary of relevant resources:
          Membership data as of March 31, 2023 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2023
        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, 2023
        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 March 4, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No.  2024-77,  prepared  by
        the Actuary for the New York State and Local Retirement System.