Assembly Bill A5569

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

                                  5569

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 27, 2015
                               ___________

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, 2015 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 services rendered in the Korean Conflict.
  If  this bill is enacted, there will be an immediate past service cost
of approximately $22,500. Of this amount, Mr. Donofrio will be  required
to  pay  $5,200 and the remaining $17,300 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, 2014  actuarial  valu-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06754-02-5
              

A. 5569                             2

ation.    Distributions  and  other  statistics can be found in the 2014
Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
Report.
  The  actuarial  assumptions  and  methods  used  are  described in the
2010,2011,2012,2013 and 2014 Annual Report to the Comptroller on Actuar-
ial 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, 2014
New York State and Local Retirement  Systems  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  February  26,  2015  and intended for use only
during the  2015  Legislative  Session,  is  Fiscal  Note  No.  2015-75,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System.