Assembly Bill A7217A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7217--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 29, 2021
                                ___________
 
 Introduced by M. of A. GANDOLFO -- read once and referred to the Commit-
   tee  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 authorizing Michael J. Cappiello to purchase service  credit  for
   service with the Long Island Railroad Company police department
 
   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,  Michael  J.
 Cappiello,  a  former  member of the Long Island Railroad Company police
 department, shall be eligible to apply to purchase up to three years  of
 service  credit  for  such  employment with the New York state and local
 police and fire retirement system if, within one year of  the  effective
 date  of  this  act,  he shall (1) file a written request to that effect
 with such retirement system; and (2) shall pay to the New York state and
 local police and fire retirement system a sum equal to  the  product  of
 the  number  of years of service being claimed and three percent of such
 member's compensation  earned  during  the  twelve  months  of  credited
 service  immediately preceding the date that the member made application
 for credit pursuant to this section.
   § 2. All past service costs attributable to the implementation 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 allow Michael J. Cappiello, a current  member  of  the
 New  York  State  and  Local  Police  and  Fire Retirement System (PFRS)
 employed by the County of Suffolk, the ability to transfer up  to  three
 years  of his previous service credit earned as a police officer for the
 Long Island Railroad Company. Current law allows for Long  Island  Rail-
 road Company service to be transferred in to PFRS only if the member was
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10607-06-2
              

 A. 7217--A                          2
 
 a  member of the Metropolitan Transportation Authority police retirement
 program, which Michael was never a member of.
   If  this  bill  is  enacted during the 2022 legislative session, there
 will be an immediate past service cost  of  approximately  $182,000.  Of
 this  amount,  approximately  $13,300  will  be  borne  by the member to
 purchase the additional service. The remaining $168,700 will be borne by
 the State of New York as a one-time payment,  based  on  the  assumption
 that payment will be made on March 1, 2023.
   The  annual  contributions  of  the County of Suffolk would not change
 upon enactment of this legislation as the member's plan coverage is  not
 affected.
   Summary of relevant resources:
   Membership  data as of March 31, 2021 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2021 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 and  2021 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, 2021
 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 1, 2022, and intended for use  only  during
 the  2022  Legislative  Session, is Fiscal Note No. 2022-82, prepared by
 the Actuary for the New York State and Local Retirement System.