STATE OF NEW YORK
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4810
2015-2016 Regular Sessions
IN SENATE
April 20, 2015
___________
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT in relation to service credit for James N. Camarda for his mili-
tary service during his employment at the Long Island Rail Road
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 Mr. James N. Camarda, member of the Long Island Rail Road Company
3 Pension Plan and the Long Island Rail Road Company Plan for Additional
4 Pensions and who was previously employed by the Long Island Rail Road
5 having retired on October 1, 2001, shall be eligible for credit for
6 service, up to three years, for time spent in the United States military
7 during certain times of conflict while employed by the Long Island Rail
8 Road, provided that such member files a claim for part or all of such
9 service with the Defined Retirement Program for Represented Employees of
10 the Commuter Rails, part of the Metropolitan Transportation Authority
11 Defined Benefit Pension Plan within 90 days of the effective date of
12 this act and contributes to such retirement system an amount which such
13 member would have contributed during such period, together with interest
14 thereon, and further provided that no additional credit for service
15 shall be given for any periods of service already purchased. The amount
16 contributed shall be pursuant to regulations adopted by the board of
17 trustees of such retirement system.
18 § 2. This act shall take effect immediately.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
This bill will allow James N. Camarda, a Long Island Rail Road reti-
ree, a period of three months to file a claim to purchase pension credit
for up to three years of military service, which occurred prior to his
LIRR employment, with the pension plan for certain Long Island Rail Road
employees. Mr. Camarda retired at age 51 with 20 years of service. He
receives a monthly pension check of $2,418.08, based on his monthly
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00552-02-5
S. 4810 2
compensation with LIRR of $6,020.13. He seeks to purchase additional
service credit that will increase his pension benefit by $361.21 per
month to $2,779.29 per month.
If this bill is enacted, the additional liability to the pension plan
will be $93,266 determined as of June 1, 2015. This liability consists
of $59,238 in retroactive payments (assuming no interest is paid on
these retroactive payments) plus $43,308 in liability for future
expected payments less $9,280 to be paid by Mr. Camarda as the retiree
cost of the buyback.
Summary of relevant resources:
The assumptions were taken from the January 1, 2014 actuarial valu-
ation of the MTA DB.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
