Assembly Bill A10751

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10751
 
                           I N  A S S E M B L Y
 
                               July 9, 2020
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Stern) --
   read once and referred to the Committee on Governmental Employees
 
 AN ACT granting retroactive membership in the New York state  and  local
   employees' retirement system to Michael Posillico
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other  law  to  the  contrary,  Michael
 Posillico,  a  member  of  the  New York State and Local Police and Fire
 Retirement System, who was employed as a  park  attendant/dockworker  by
 the town of Brookhaven as of May 6, 2002, who for reasons not ascribable
 to  his  own negligence, failed to become a member of the New York state
 and local employees' retirement system during  such  employment  in  the
 town  of  Brookhaven,  shall be deemed to have joined the New York state
 and local employees' retirement system on May  6,  2002,  and  shall  be
 granted Tier IV status in such retirement system, if, within one year of
 the effective date of this act, he shall file a written request with the
 state comptroller.
   § 2. All past service costs of implementing the provisions of this act
 shall be borne by the state of New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would provide Michael V. Posillico a date of membership of
 May 6, 2002 resulting in Tier 2 status in the New York State  and  Local
 Police and Fire Retirement System. The member is currently in Tier 5.
   If this bill is enacted during the 2020 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $4,200 in the
 annual contributions of Suffolk County for the fiscal year ending  March
 31,  2021. In future years, this cost will vary as the billing rates and
 salary of Michael V. Posillico change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately  $45,800 which  will  be
 borne  by  the State of New York as a one-time payment. This estimate is
 based on the assumption that payment will be made on March 1, 2021.
   Summary of relevant resources:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD15798-02-0

 A. 10751                            2
 
   The membership data used in  measuring  the  impact  of  the  proposed
 change  was  the same as that used in the March 31, 2019 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2019
 Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 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, 2019
 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 19, 2020, and intended for use only  during
 the  2020  Legislative  Session, is Fiscal Note No. 2020-99, prepared by
 the Actuary for the New York State and Local Retirement System.