S T A T E   O F   N E W   Y O R K
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                                  6320--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  MONTESANO  --  read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to grant Danielle Galasso a retroactive membership  date  in  the
   New York state and local employees' retirement system
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any  provision  of  law  to  the  contrary,
 Danielle  Galasso, an employee of the town of Oyster Bay and a member of
 the New York state and  local  employees'  retirement  system,  who  was
 employed  by the town of Oyster Bay as a seasonal employee from July 10,
 2003 through September 30, 2003 and who, for reasons not  ascribable  to
 her  own negligence, failed to become a member of such retirement system
 during such employment by the town of  Oyster  Bay  in  2003,  shall  be
 deemed to have joined the New York state and local employees' retirement
 system  on  July  10,  2003  and shall be granted Tier IV status in such
 retirement system, if, within one year of the  effective  date  of  this
 act,  she  shall  file  a  written request to that effect with the state
 comptroller.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the town of Oyster Bay.
   § 3. Notwithstanding any other provision of law, no employee  contrib-
 utions shall be returned to Danielle Galasso.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  will grant retroactive Tier 4 status in the New York State
 and Local Employees' Retirement System to Danielle  Galasso,  a  current
 Tier  5  member employed by the town of Oyster Bay, by changing her date

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06076-06-8
              

 A. 6320--A                          2
 
 of membership to July 10, 2003, her first date of  employment  with  the
 town of Oyster Bay. There will be no refund of member contributions.
   If  this  bill  is  enacted during the 2018 legislative session, there
 will be an increase of approximately $1,200 in the annual  contributions
 of  the town of Oyster Bay for the fiscal year ending March 31, 2019. In
 future years, this cost will vary as the billing  rates  and  salary  of
 Danielle Galasso change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service  cost of approximately $1,110 which will be
 borne by the town of Oyster Bay as a one-time payment. This estimate  is
 based on the assumption that payment will be made on February 1, 2019.
   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, 2017  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2017
 Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2017
 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 April 23, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-60,  prepared  by
 the Actuary for the New York State and Local Retirement System.