Bill Text: NY A10751 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to granting retroactive membership in the retirement system to Michael Posillico for service as a park attendant in the town of Brookhaven.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-07-09 - referred to governmental employees [A10751 Detail]

Download: New_York-2019-A10751-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10751

                   IN ASSEMBLY

                                      July 9, 2020
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Stern) --
          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 Michael Posillico

          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,  Michael
     2  Posillico,  a  member  of  the  New York State and Local Police and Fire
     3  Retirement System, who was employed as a  park  attendant/dockworker  by
     4  the town of Brookhaven as of May 6, 2002, who for reasons not ascribable
     5  to  his  own negligence, failed to become a member of the New York state
     6  and local employees' retirement system during  such  employment  in  the
     7  town  of  Brookhaven,  shall be deemed to have joined the New York state
     8  and local employees' retirement system on May  6,  2002,  and  shall  be
     9  granted Tier IV status in such retirement system, if, within one year of
    10  the effective date of this act, he shall file a written request with the
    11  state comptroller.
    12    § 2. All past service costs of implementing the provisions of this act
    13  shall be borne by the state of New York.
    14    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would provide Michael V. Posillico a date of membership of
        May 6, 2002 resulting in Tier 2 status in the New York State  and  Local
        Police and Fire Retirement System. The member is currently in Tier 5.
          If this bill is enacted during the 2020 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $4,200 in the
        annual contributions of Suffolk County for the fiscal year ending  March
        31,  2021. In future years, this cost will vary as the billing rates and
        salary of Michael V. Posillico change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately  $45,800 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, 2021.
          Summary of relevant resources:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15798-02-0
        A. 10751                            2

          The membership data used in  measuring  the  impact  of  the  proposed
        change  was  the same as that used in the March 31, 2019 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2019
        Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017, 2018, and 2019 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, 2019
        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 19, 2020, and intended for use only  during
        the  2020  Legislative  Session, is Fiscal Note No. 2020-99, prepared by
        the Actuary for the New York State and Local Retirement System.