STATE OF NEW YORK
________________________________________________________________________
6855--A
2025-2026 Regular Sessions
IN SENATE
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
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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:
1 Section 1. Notwithstanding any other law to the contrary, Michael
2 Posillico, a member of the New York State and Local Police and Fire
3 Retirement System, who was employed as a park attendant/dockworker by
4 the town of Brookhaven as of May 6, 2002, who for reasons not ascribable
5 to his own negligence, failed to become a member of the New York state
6 and local employees' retirement system during such employment in the
7 town of Brookhaven, shall be deemed to have joined the New York state
8 and local employees' retirement system on May 6, 2002, and shall be
9 granted Tier IV status in such retirement system, if, within one year of
10 the effective date of this act, he shall file a written request with the
11 state comptroller.
12 § 2. All past service costs of implementing the provisions of this act
13 shall be borne by the state of New York.
14 § 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, 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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10726-03-6
S. 6855--A 2
We estimate that Suffolk County's annual contributions will increase
$10,000 beginning FYE 2027. Annual costs will vary as the billing rates
and salary of Michael Posillico change.
In addition, there will be an immediate past service cost of $64,100
borne by the state of New York as a one-time payment. This cost assumes
that payment will be made on March 1, 2027.
Summary of relevant resources:
Membership data as of March 31, 2025 was used to measure the impact of
the bill, the same data used in the Actuarial Valuations dated April 1,
2025. Distributions and other statistics can be found in the 2025 Report
of the Actuary and the 2025 Annual Comprehensive Financial Report. The
actuarial assumptions and methods used are described in the 2025 Annual
Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
and Regulations of the State of New York: Audit and Control. The fair
value of assets and GASB disclosures can be found in the 2025 Financial
Statements and Supplementary Information.
Assumptions, demographics, and other considerations may have been
modified to better reflect specific provisions of any proposed benefit
change(s).
This fiscal note does not constitute a legal opinion on the viability
of the bill, nor is it intended to serve as a substitute for the profes-
sional judgment of an attorney.
This estimate, dated February 6, 2026, and intended for use only
during the 2026 Legislative Session, is Fiscal Note Number 2026-101. As
Chief Actuary of the New York State and Local Retirement System
(NYSLRS), 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 Actu-
aries, of which I am a member. I am a member of NYSLRS but do not
believe it impairs my objectivity.
