S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6855
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 25, 2025
                                ___________
 
 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 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
              

 S. 6855                             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.