STATE OF NEW YORK ________________________________________________________________________ 6320 2017-2018 Regular Sessions IN ASSEMBLY March 2, 2017 ___________ Introduced by M. of A. MONTESANO -- read once and referred to the Committee on Governmental Employees AN ACT to grant Danielle Galasso a retroactive membership date in the New York state and local employees' retirement system The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any provision of law to the contrary, 2 Danielle Galasso, an employee of the county of Nassau and a member of 3 the New York state and local employees' retirement system, who was 4 employed by the town of Oyster Bay as a seasonal employee from July 10, 5 2003 through September 30, 2003 and who, for reasons not ascribable to 6 her own negligence, failed to become a member of such retirement system 7 during such employment by the town of Oyster Bay in 2003, shall be 8 deemed to have joined the New York state and local employees' retirement 9 system on July 10, 2003 and shall be granted Tier IV status in such 10 retirement system, if, within one year of the effective date of this 11 act, she shall file a written request to that effect with the state 12 comptroller. 13 § 2. All past service costs of implementing the provisions of this act 14 shall be borne by the town of Oyster Bay. 15 § 3. Notwithstanding any other provision of law, no employee contrib- 16 utions shall be returned to Danielle Galasso. 17 § 4. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will deem Danielle Galasso to have become a member of the New York State and Local Employees' Retirement System on July 10, 2003, her first date of employment with the town of Oyster Bay, thereby grant- ing her Tier 4 status. She currently has Tier 5 status and is employed by Nassau County. If this legislation is enacted during the 2017 legislative session, we anticipate that there will be an increase of approximately $880 in the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06076-03-7A. 6320 2 annual contributions of Nassau County for the fiscal year ending March 31, 2018. In future years, this cost will vary as the billing rates and salary of Danielle Galasso change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $380 which will be borne by the town of Oyster Bay as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2018. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2016 actuarial valu- ation. Distributions and other statistics can be found in the 2016 Report of the Actuary and the 2016 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015 and 2016 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, 2016 New York State and Local Retirement System Financial Statements and Supplementary Information. I am a member of the American Academy of Actuaries and meet the Quali- fication Standards to render the actuarial opinion contained herein. This estimate, dated February 16, 2017, and intended for use only during the 2017 Legislative Session, is Fiscal Note No. 2017-58, prepared by the Actuary for the New York State and Local Retirement System.