STATE OF NEW YORK
________________________________________________________________________
7680
IN SENATE
May 12, 2016
___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and
when printed to be committed to the Committee on Civil Service and
Pensions
AN ACT to grant Danielle Galasso a retroactive membership date in the
New York state and local employees' retirement system
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any provision of law to the contrary,
2 Danielle Galasso, an employee of the town of Oyster Bay and a member of
3 the New York state and local employees' retirement system, who was
4 employed by the town of Oyster Bay as a seasonal employee from July 10,
5 2003 through September 30, 2003 and who, for reasons not ascribable to
6 her own negligence, failed to become a member of such retirement system
7 during such employment by the town of Oyster Bay in 2003, shall be
8 deemed to have joined the New York state and local employees' retirement
9 system on July 10, 2003 and shall be granted Tier IV status in such
10 retirement system, if, within one year of the effective date of this
11 act, she shall file a written request to that effect with the state
12 comptroller.
13 § 2. All past service costs of implementing the provisions of this act
14 shall be borne by the town of Oyster Bay.
15 § 3. Notwithstanding any other provision of law, no employee contrib-
16 utions shall be returned to Danielle Galasso.
17 § 4. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill will deem Danielle Galasso to have become a member of the
New York State and Local Employees' Retirement System (NYSLERS) on July
10, 2003, her first date of employment with the town of Oyster Bay,
thereby granting her Tier 4 status. She currently has Tier 5 status with
less than 1 year of total service credit and has not been employed by a
participating employer with NYSLERS since August 2011.
If this legislation is enacted during the 2016 legislative session,
there will be an immediate one-time past service cost of approximately
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13943-02-6
S. 7680 2
$350 which will be borne by the town of Oyster Bay. This estimate is
based on the assumption that payment will be made on February 1, 2017.
It is anticipated that there will not be an increase in employer
contributions on Danielle Galasso's behalf as she is not currently
employed by a participating employer with NYSLERS. However, if she does
become employed by such an employer, that employers' annual contrib-
utions will be larger by approximately 2.8% of her annual compensation
as a result of this Tier change.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2015 actuarial valu-
ation. Distributions and other statistics can be found in the 2015
Report of the Actuary and the 2015 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
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, 2015
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 estimate, dated February 22, 2016 and intended for use only
during the 2016 Legislative Session, is Fiscal Note No. 2016-63,
prepared by the Actuary for the New York State and Local Retirement
System.
