New York S 7340: Requires comparison of prices charged by energy services companies

Bill Text

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S07340 Summary:

BILL NOS07340A

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SAME ASSAME AS A07813-A

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SPONSORWEIK

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COSPNSR

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MLTSPNSR

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&nbsp

Authorizes Michael J. Cappiello to purchase service credit for service with the Long Island Railroad Company police department prior to its merger with the MTA and the state retirement system.

Go to top S07340 Actions:

BILL NOS07340A

&nbsp

04/10/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

03/26/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

03/26/2026PRINT NUMBER 7340A

Go to topS07340 Committee&nbspVotes:

Go to topS07340 Floor&nbspVotes:

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

Go to topS07340 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7340--A

 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
 -- 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 authorizing Michael J. Cappiello 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, Michael J.
 2 Cappiello, a former member of the Long Island Railroad Company police
 3 department, shall be eligible to apply to purchase up to three years of
 4 service credit for such employment with the New York state and local
 5 police and fire retirement system if, within one year of the effective
 6 date of this act, he shall (1) file a written request to that effect
 7 with such retirement system; and (2) shall pay to the New York state and
 8 local police and fire retirement system a sum equal to the product of
 9 the number of years of service being claimed and three percent of such
 10 member's compensation earned during the twelve months of credited
 11 service immediately preceding the date that the member made application
 12 for credit pursuant to this section.
 13 § 2. All past service costs attributable to the implementation of this
 14 act shall be borne by the state of New York.
 15 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would allow Michael J. Cappiello, a current member of the
 New York State and Local Police and Fire Retirement System (NYSLPFRS)
 employed by Suffolk county, to purchase up to three years of service
 credit for employment as a police officer with the Long Island Railroad
 Company.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04566-04-6

 S. 7340--A 2

 This bill will not increase Suffolk county's annual contributions.
 There will be an immediate past service cost of $100,000. Of this
 amount, approximately $13,900 will be borne by the member and the
 remaining $86,100 will 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, date