S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9078
 
                             I N  S E N A T E
 
                              April 16, 2024
                                ___________
 
 Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive Tier II membership in the New York state and
   local police and fire retirement system to Giuseppe T. Rosini
 
   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, Giuseppe T.
 Rosini, a member of the New York state and local police and fire retire-
 ment system, who was employed in October 2004, by the Wading River  Fire
 District, who, for reasons not ascribable to his own negligence, did not
 file a membership application in the New York state and local police and
 fire  retirement  system,  and  did  not become a member of the New York
 state and local police and fire retirement  system  until  December  15,
 2014,  which gave him Tier VI status instead of Tier II status, where he
 would have been had he been able to file a membership  application  when
 he  became  an  employee  in October 2004 may be deemed to have become a
 member of the New York state and local police and fire retirement system
 on October 25, 2004 if, within one year of the effective  date  of  this
 act,  he shall file with the state comptroller a written request to that
 effect. Upon the granting of such retroactive  membership,  Giuseppe  T.
 Rosini  shall  not be granted a refund of any employee contribution made
 by him to the New York  state  and  local  police  and  fire  retirement
 system.
   § 2. All past service costs associated with the implementation of this
 act shall be borne by the Wading River Fire District.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  grant Tier 2 status in the New York State and Local
 Police and Fire Retirement System (NYSLPFRS) for Giuseppe T.  Rosini,  a
 current Tier 6 member of the NYSLPFRS employed by the Town of Riverhead,
 by  changing  their  date of membership to October 25, 2004. Giuseppe T.
 Rosini was previously employed by the  Wading  River  Fire  District,  a
 participating  employer  in  the  New  York  State  and Local Employees'
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07253-02-4
              

 S. 9078                             2
 
 Retirement System, beginning October 2004. There will be  no  refund  of
 member contributions.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate  that  there  will  be an increase of approximately $23,000 in the
 annual contributions of the Town of Riverhead for the fiscal year ending
 March 31, 2025. In future years this cost will vary as the billing rates
 and salary of Giuseppe T. Rosini change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $24,100  which  will  be
 borne  by  the  Wading  River  Fire District as a one-time payment. This
 estimate assumes that payment will be made on February 1, 2025.
   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 April 15, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No. 2024-164,  prepared  by
 the Actuary for the New York State and Local Retirement System.