S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8170
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2025
                                ___________
 
 Introduced by M. of A. GIGLIO -- 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 Posillico with a date of membership of
 May 6, 2002, their date of first employment with the Town of Brookhaven,
 resulting in Tier 2 status in the New York State and  Local  Police  and
 Fire  Retirement  System. Michael Posillico is currently a Tier 5 member
 employed by Suffolk County. Member contributions will be refunded.
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate that there will be an increase  of  approximately  $9,000  in  the
 annual  contributions of Suffolk County for the fiscal year ending March
 31, 2026. In future years this cost will vary as the billing  rates  and
 salary of Michael Posillico change.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10726-02-5
              

 A. 8170                             2
 
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $58,700 which will be
 borne by the State of New York as  a  one-time  payment.  This  estimate
 assumes that payment will be made on March 1, 2026.
   Summary of relevant resources:
   Membership  data as of March 31, 2024 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2024  Report  of the Actuary and the 2024 Annual Comprehensive Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024 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, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   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 24, 2025, and intended for use only during
 the 2025 Legislative Session, is Fiscal  Note  No.  2025-106.  As  Chief
 Actuary  of  the  New  York  State and Local Retirement System, I, Aaron
 Schottin Young, hereby certify that this analysis complies with applica-
 ble Actuarial Standards of Practice as well as the Code of  Professional
 Conduct  and Qualification Standards for Actuaries Issuing Statements of
 Actuarial Opinion of the American Academy of Actuaries, of which I am  a
 member.