Senate Bill S5702

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

    S. 5702                                                  A. 7839

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                              June 6, 2013
                               ___________

IN SENATE -- Introduced by Sen. ADDABBO -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Civil Service
  and Pensions

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

AN ACT in relation to service credit for James N. Camarda for his  mili-
  tary service during his employment at the Long Island Rail Road

  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 to the contrary,
Mr. James N. Camarda, member  of  the  Long  Island  Rail  Road  Company
Pension  Plan  and the Long Island Rail Road Company Plan for Additional
Pensions and who was previously employed by the Long  Island  Rail  Road
having  retired  on  October  1,  2001, shall be eligible for credit for
service, up to three years, for time spent in the United States military
during certain times of conflict while employed by the Long Island  Rail
Road,  provided  that  such member files a claim for part or all of such
service with the Defined Retirement Program for Represented Employees of
the Commuter Rails, part of the  Metropolitan  Transportation  Authority
Defined  Benefit  Pension  Plan  within 90 days of the effective date of
this act and contributes to such retirement system an amount which  such
member would have contributed during such period, together with interest
thereon,  and  further  provided  that  no additional credit for service
shall be given for any periods of service already purchased. The  amount
contributed  shall  be  pursuant  to regulations adopted by the board of
trustees of such retirement system.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--This bill will allow James N.  Camarda,  a  Long  Island
Rail  Road retiree, a period of three months to file a claim to purchase
pension credit for up to three years of military service, which occurred

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01066-02-3
              

S. 5702                             2                            A. 7839

prior to his LIRR employment, with the pension  plan  for  certain  Long
Island  Rail Road employees. Mr. Camarda retired at age 51 with 20 years
of service. He receives a monthly pension check of $2,418.08,  based  on
his  monthly  compensation  with LIRR of $6,020.13. He seeks to purchase
additional service credit that will  increase  his  pension  benefit  by
$361.21 per month to $2,779.29 per month.
  If  this bill is enacted, the additional liability to the pension plan
will be $87,166 determined as of June 1, 2013. This  liability  consists
of  $50,569  in  retroactive  payments  (assuming no interest is paid on
these  retroactive  payments)  plus  $45,013  in  liability  for  future
expected  payments  less $8,416 to be paid by Mr. Camarda as the retiree
cost of the buyback.
  SUMMARY OF RELEVANT RESOURCES:
  The assumptions were taken from the January 1,  2012  actuarial  valu-
ation  of  the MTA DB. The interest assumption was adjusted from 7.5% to
7% to reflect a change anticipated for the  January  1,  2013  actuarial
valuation of the MTA DB Plan.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.