S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6302--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2021
                                ___________
 
 Introduced  by  Sen.  WEIK  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10607-05-2
              

 S. 6302--A                          2
 
 road Company service to be transferred in to PFRS only if the member was
 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.