S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7813
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 11, 2025
                                ___________
 
 Introduced by M. of A. GANDOLFO -- read once and referred to the Commit-
   tee on Governmental Employees
 
 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 Suffolk County, 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  Rail-
 road Company must be credited in the Metropolitan Transportation Author-
 ity  police  retirement  program  before  it  can  be transferred to the
 NYSLPFRS. Michael J. Cappiello never became a member of the Metropolitan

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04566-02-5
 A. 7813                             2
              

 
 Transportation Authority police retirement program and therefore has  no
 service credit to transfer.
   If  this  bill  is  enacted during the 2025 Legislative Session, there
 will be an immediate past service cost  of  approximately  $171,000.  Of
 this  amount,  approximately  $18,000  will  be  borne  by the member to
 purchase the additional service. The remaining $153,000 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, 2026.
   This bill will not increase the future annual contributions of Suffolk
 County.
   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 27, 2025, and intended for use only during
 the 2025 Legislative Session, is Fiscal Note No. 2025-96. As Chief Actu-
 ary of the New York State and Local Retirement System, I, Aaron Schottin
 Young, hereby certify that this analysis complies with applicable  Actu-
 arial  Standards of Practice as well as the Code of Professional Conduct
 and Qualification Standards for Actuaries Issuing Statements of Actuari-
 al Opinion of the American Academy of Actuaries, of which I am a member.