A 5465: Grants retroactive tier IV membership in the New York state and local employees' retirement system to Kenneth Panaro.

  
  STATE OF NEW YORK ________________________________________________________________________ 5465 2025-2026 Regular Sessions  IN ASSEMBLY February 14, 2025 ___________ Introduced by M. of A. MIKULIN -- read once and referred to the Commit- tee on Governmental Employees 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: 1 Section 1. Notwithstanding any other provision of law to the contrary, 2 Kenneth Panaro, who was employed with the town of Hempstead and who is 3 currently a member of the New York state and local employees' retirement 4 system, who through no fault of his own did not become a member of the 5 New York state and local employees' retirement system on June 25, 2007 6 when first employed by the town of Hempstead, shall be deemed to have 7 been a member of the New York state and local employees' retirement 8 system on such date he commenced his employment and shall be granted 9 Tier IV status, provided that an application is filed with the head of 10 the New York state and local employees' retirement system within one 11 year from the effective date of this act. Upon the granting of such 12 retroactive membership, Kenneth Panaro shall not be granted a refund of 13 any employee contribution made by him to the New York state and local 14 employees' retirement system. 15 § 2. All past services costs associated with the implementation of 16 this act shall be borne by the town of Hempstead. 17 § 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 Employees' Retirement System. Kenneth Panaro is currently a Tier 5 member. There will be no refund of member contributions. If this bill is enacted during the 2025 Legislative Session, we antic- ipate that there will be an increase of approximately $3,100 in the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03811-04-5 
 A. 5465 2 annual contributions of the Town of Hempstead for the fiscal year ending March 31, 2026. In future years this cost will vary as the billing rates and salary of Kenneth Panaro change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $83,300 which will be borne by the Town of Hempstead as a one-time payment. This estimate assumes that payment will be made on February 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 January 23, 2025, and intended for use only during the 2025 Legislative Session, is Fiscal Note No. 2025-31. As Chief Actuary of the New York State and Local Retirement System, 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.