New York S 4324: Grants retroactive tier IV membership in the New York state and local employees' retirement system to Kenneth Panaro

Bill Text

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S04324 Summary:

BILL NOS04324A

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SAME ASNo Same As

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SPONSORRHOADS

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COSPNSR

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MLTSPNSR

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

Go to top S04324 Actions:

BILL NOS04324A

&nbsp

02/04/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

05/28/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

05/28/2026PRINT NUMBER 4324A

Go to topS04324 Committee&nbspVotes:

Go to topS04324 Floor&nbspVotes:

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

Go to topS04324 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4324--A

 2025-2026 Regular Sessions

 IN SENATE

 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
 -- 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 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

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03811-05-6

 S. 4324--A 2

 Employees' Retirement System. Kenneth Panaro is currently a Tier 5
 member. There will be no refund of member contributions.
 We estimate that the town of Hempstead's annual contributions will
 increase $3,500 beginning FYE 2027. Annual costs will vary as the bill-
 ing rates and salary of Kenneth Panaro change.
 In addition, there will be an immediate past service cost of $123,000
 borne by the town of Hempstead as a one-time payment. This cost assumes
 that payment will be made on February 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