Assembly Bill A9274

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9274

                          I N  A S S E M B L Y

                              April 7, 2014
                               ___________

Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
  tee on Governmental Employees

AN ACT to grant retirement credit to  Mario  C.  Donofrio  for  military
  service during the Korean conflict

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law, Mario C.  Dono-
frio,  a  retired  member  of  the  New  York state and local employees'
retirement system, having retired on December 31, 1997,  who  served  in
the United States military during the Korean conflict, shall be entitled
to  receive  service  credit  in  such retirement system for his time of
Korean conflict service if, on or before December 31, 2014 he: (1) shall
file a request to such effect with the head of the New  York  state  and
local  employees'  retirement  system; and (2) shall pay to the New York
state and local employees' retirement system  an  amount  equal  to  the
product  of  the  number  of years of military service being claimed and
three percent of his final average salary.
  S 2. This act shall  take  effect  immediately  and  the  increase  in
retirement benefits shall begin on and after such effective date.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill would grant additional service credit to Mario C. Donofrio,
a retired member of the New York State and Local  Employees'  Retirement
System, for service rendered in the Korean conflict.
  If  this bill is enacted, there will be an immediate past service cost
of approximately $21,400. Of this amount, Mr. Donofrio will be  required
to  pay $5,200, and the remaining $16,200 will be shared by the State of
New York and all the participating employers in the New York  State  and
Local Employees' Retirement System.
  Summary of relevant resources:
  The  membership  data  used  in  measuring  the impact of the proposed
change was the same as that used in the March 31, 2013  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2013
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.

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

                                                           LBD13313-02-4

A. 9274                             2

  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  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, 2013
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 estimate, dated January 29, 2014 and intended for use only during
the 2014 Legislative Session, is Fiscal Note No.  2014-70,  prepared  by
the  Actuary  for  the  New  York  State and Local Employees' Retirement
System.