Bill Text: NY S06912 | 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) 2024-03-06 - PRINT NUMBER 6912A [S06912 Detail]

Download: New_York-2023-S06912-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         6912--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 15, 2023
                                       ___________

        Introduced  by  Sen.  WEIK  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01252-03-4
        S. 6912--A                          2

        Railroad Company must be credited  in  the  Metropolitan  Transportation
        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.