New York S 7338: Relates to increasing the fees certain notaries public shall be entitled to

Bill Text

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S07338 Summary:

BILL NOS07338 

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SAME ASSAME AS A08231

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SPONSORWEIK

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COSPNSR

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MLTSPNSR

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Authorizes active members of the New York state and local police and fire retirement system to purchase service credit for service with the Long Island Railroad Company police department.

Go to top S07338 Actions:

BILL NOS07338 

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04/10/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS07338 Committee&nbspVotes:

Go to topS07338 Floor&nbspVotes:

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

Go to topS07338 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7338

 2025-2026 Regular Sessions

 IN SENATE

 April 10, 2025
 ___________

 Introduced by Sen. WEIK -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions

 AN ACT in relation to authorizing active members of the New York state
 and local police and fire retirement system to purchase service credit
 for service with the Long Island Railroad Company police department

 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, any active
 2 member of the New York state and local police and fire retirement system
 3 who was a former police officer of the Long Island Railroad company
 4 police department shall be eligible to apply to purchase up to three
 5 years of service credit for such employment if, within one year of the
 6 effective date of this act, the member shall (1) file a written request
 7 to that effect with such retirement system; and (2) shall pay to the New
 8 York state and local police and fire retirement system a sum equal to
 9 the product of the number of years of service being claimed and three
 10 percent of such member's compensation earned during the twelve months of
 11 credited service immediately preceding the date that the member made
 12 application for credit pursuant to this section. Such members shall have
 13 at least five years of credited service, not including service credited
 14 by this section, to be eligible to receive the credit authorized pursu-
 15 ant to this section.
 16 § 2. All past service costs attributable to the implementation of this
 17 act shall be borne by the state of New York.
 18 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would allow active members of the New York State and Local
 Police and Fire Retirement System (NYSLPFRS) to purchase up to three
 years of service credit for time rendered as a police officer in the
 Long Island Railroad Company (LIRR) police department. To be eligible,
 members must have at least five years of credited service (not including

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08934-02-5

 S. 7338 2

 this LIRR service). Currently, service with the LIRR must be credited in
 the Metropolitan Transportation Authority police retirement program
 before it can be transferred to NYSLPFRS. Members would be required to
 pay three percent of their most recent compensation for each year of
 additional service credit granted by this bill.
 If this bill is enacted during the 2025 Legislative Session, it is
 estimated that the past service cost will be 22% of affected member's
 compensation for each year of service credit that is purchased. This
 cost will be billed to the State of New York annually, based on those
 benefiting from this provision.
 The exact number of current members as well as future members who
 could be affected by this legislation cannot be readily determined. For
 one member known to be impacted by this bill, the cost to the State of
 New York will be approximately $153,000, assuming it is paid March 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 use