S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7260--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 16, 2023
                                ___________
 
 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 (NYSLPFRS)
 employed by the County of Suffolk, the ability to purchase up  to  three
 years of service credit for employment as a police officer with the Long
 Island Railroad Company. Under current law, service with the Long Island
 Railroad  Company  must  be  credited in the Metropolitan Transportation
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01252-04-4
              

 A. 7260--A                          2
 
 Authority police retirement program before it can be transferred to  the
 NYSLPFRS. Michael J. Cappiello never became a member of the Metropolitan
 Transportation  Authority police retirement program and therefore has no
 service credit to transfer.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 will be an immediate past service cost  of  approximately  $172,000.  Of
 this  amount,  approximately  $14,000  will  be  borne  by the member to
 purchase the additional service. The remaining $158,000 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, 2025.
   This  bill  will  not  increase the future annual contributions of the
 County of Suffolk.
   Summary of relevant resources:
   Membership data as of March 31, 2023 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2023
 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, 2023
 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 4, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No.  2024-77,  prepared  by
 the Actuary for the New York State and Local Retirement System.