S 4324

                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
                                   4324
                        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
 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
 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
 S. 4324                             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.