Senate Bill S4324A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4324--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2025
                                ___________
 
 Introduced  by  Sen.  RHOADS -- 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 granting retroactive tier IV membership in the New York state and
   local employees' retirement system to Kenneth Panaro
 
   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 to the contrary,
 Kenneth Panaro, who was employed with the town of Hempstead and  who  is
 currently a member of the New York state and local employees' retirement
 system,  who  through no fault of his own did not become a member of the
 New York state and local employees' retirement system on June  25,  2007
 when  first  employed  by the town of Hempstead, shall be deemed to have
 been a member of the New York  state  and  local  employees'  retirement
 system  on  such  date  he commenced his employment and shall be granted
 Tier IV status, provided that an application is filed with the  head  of
 the  New  York  state  and local employees' retirement system within one
 year from the effective date of this act.  Upon  the  granting  of  such
 retroactive  membership, Kenneth Panaro shall not be granted a refund of
 any employee contribution made by him to the New York  state  and  local
 employees' retirement system.
   §  2.  All  past  services costs associated with the implementation of
 this act shall be borne by the town of Hempstead.
   § 3. This act shall take effect immediately.
   FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
   This bill would provide Kenneth Panaro with a date  of  membership  of
 June  25,  2007,  their  date of first employment with the town of Hemp-
 stead, resulting in Tier 4 status  in  the  New  York  State  and  Local

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03811-05-6
              

 S. 4324--A                          2
 
 Employees'  Retirement  System.  Kenneth  Panaro  is  currently a Tier 5
 member. There will be no refund of member contributions.
   We  estimate  that  the  town of Hempstead's annual contributions will
 increase $3,500 beginning FYE 2027. Annual costs will vary as the  bill-
 ing rates and salary of Kenneth Panaro change.
   In  addition, there will be an immediate past service cost of $123,000
 borne by the town of Hempstead as a one-time payment. This cost  assumes
 that payment will be made on February 1, 2027.
   Summary of relevant resources:
   Membership data as of March 31, 2025 was used to measure the impact of
 the  bill, the same data used in the Actuarial Valuations dated April 1,
 2025. Distributions and other statistics can be found in the 2025 Report
 of the Actuary and the 2025 Annual Comprehensive Financial  Report.  The
 actuarial  assumptions and methods used are described in the 2025 Annual
 Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
 and Regulations of the State of New York: Audit and  Control.  The  fair
 value  of assets and GASB disclosures can be found in the 2025 Financial
 Statements and Supplementary Information.
   Assumptions, demographics, and  other  considerations  may  have  been
 modified  to  better reflect specific provisions of any proposed benefit
 change(s).
   This fiscal note does not constitute a legal opinion on the  viability
 of the bill, nor is it intended to serve as a substitute for the profes-
 sional judgment of an attorney.
   This  estimate,  dated  May 27, 2026, and intended for use only during
 the 2026 Legislative Session, is Fiscal Note Number 2026-206.  As  Chief
 Actuary  of  the New York State and Local Retirement System (NYSLRS), I,
 Aaron Schottin Young, hereby certify that this  analysis  complies  with
 applicable  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.  I  am a member of NYSLRS but do not believe it
 impairs my objectivity.