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

Bill Text

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A05465 Summary:

BILL NOA05465 

&nbsp

SAME ASSAME AS S04324

&nbsp

SPONSORMikulin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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&nbsp

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

Go to top A05465 Actions:

BILL NOA05465 

&nbsp

02/14/2025referred to governmental employees

01/07/2026referred to governmental employees

01/08/2026enacting clause stricken

Go to topA05465 Committee&nbspVotes:

Go to topA05465 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05465 Text:

 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