Bill Text: NY S05702 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to service credit for James N. Camarda for military service during his employment at the Long Island Rail Road.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S05702 Detail]
Download: New_York-2013-S05702-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 5702 A. 7839
2013-2014 Regular Sessions
S E N A T E - A S S E M B L Y
June 6, 2013
___________
IN SENATE -- Introduced by Sen. ADDABBO -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Civil Service
and Pensions
IN ASSEMBLY -- Introduced by M. of A. MILLER -- read once and referred
to the Committee on Governmental Employees
AN ACT in relation to service credit for James N. Camarda for his mili-
tary service during his employment at the Long Island Rail Road
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 Mr. James N. Camarda, member of the Long Island Rail Road Company
3 Pension Plan and the Long Island Rail Road Company Plan for Additional
4 Pensions and who was previously employed by the Long Island Rail Road
5 having retired on October 1, 2001, shall be eligible for credit for
6 service, up to three years, for time spent in the United States military
7 during certain times of conflict while employed by the Long Island Rail
8 Road, provided that such member files a claim for part or all of such
9 service with the Defined Retirement Program for Represented Employees of
10 the Commuter Rails, part of the Metropolitan Transportation Authority
11 Defined Benefit Pension Plan within 90 days of the effective date of
12 this act and contributes to such retirement system an amount which such
13 member would have contributed during such period, together with interest
14 thereon, and further provided that no additional credit for service
15 shall be given for any periods of service already purchased. The amount
16 contributed shall be pursuant to regulations adopted by the board of
17 trustees of such retirement system.
18 S 2. This act shall take effect immediately.
FISCAL NOTE.--This bill will allow James N. Camarda, a Long Island
Rail Road retiree, a period of three months to file a claim to purchase
pension credit for up to three years of military service, which occurred
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01066-02-3
S. 5702 2 A. 7839
prior to his LIRR employment, with the pension plan for certain Long
Island Rail Road employees. Mr. Camarda retired at age 51 with 20 years
of service. He receives a monthly pension check of $2,418.08, based on
his monthly compensation with LIRR of $6,020.13. He seeks to purchase
additional service credit that will increase his pension benefit by
$361.21 per month to $2,779.29 per month.
If this bill is enacted, the additional liability to the pension plan
will be $87,166 determined as of June 1, 2013. This liability consists
of $50,569 in retroactive payments (assuming no interest is paid on
these retroactive payments) plus $45,013 in liability for future
expected payments less $8,416 to be paid by Mr. Camarda as the retiree
cost of the buyback.
SUMMARY OF RELEVANT RESOURCES:
The assumptions were taken from the January 1, 2012 actuarial valu-
ation of the MTA DB. The interest assumption was adjusted from 7.5% to
7% to reflect a change anticipated for the January 1, 2013 actuarial
valuation of the MTA DB Plan.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
