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A6320Assembly2017-2018 SessionSame asS5743

Retroactive Pension for Galasso

Official title

“Grants Danielle Galasso a retroactive membership date in the New York state and local employees' retirement system”

Sponsor Michael MontesanoAD-15Affects Finance
Status
Vetoed
Impact
2/10
Minimal
Outcome
Vetoed

Bill progress

Vetoed

What's happening

This bill allows Danielle Galasso to retroactively join the New York State and Local Employees' Retirement System with Tier IV status.

Why it matters

  1. Provides Danielle Galasso with enhanced retirement benefits. by allowing her to retroactively join the New York State and Local Employees' Retirement System with Tier IV status, which generally offers more favorable pension terms than later tiers.

  2. Sets a precedent for individual exceptions. to standard retirement system enrollment rules, which may be of interest to other employees who missed enrollment due to circumstances beyond their control.

  3. Shifts the financial responsibility to the local government. , requiring the Town of Oyster Bay to cover both a one-time past service cost (about $1,110) and increased annual contributions (about $1,200 initially), rather than the state or the employee.

  4. Does not allow a refund of prior employee contributions. , ensuring the adjustment is strictly a change in retirement tier and membership date, not an opportunity for personal financial gain beyond pension calculation.

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Who cares

  • Danielle Galasso

    She would receive a July 10, 2003 retirement system membership date and Tier IV status if she files a written request within one year of the bill’s effective date, without a refund of employee contributions.

  • Town of Oyster Bay

    The town would bear all past service costs, and the fiscal note projects increased annual pension contributions.

  • State comptroller and New York State and Local Employees’ Retirement System

    They would handle Galasso’s request and apply the retroactive membership date and Tier IV status.

Headline styles

Retroactive Pension for Galasso

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Michael Montesano

Assembly Member · Assembly District 15

No co-sponsors yet.

History

  1. Tabled
  2. Vetoed memo.281
  3. Delivered to governor
  4. Returned to assembly
  5. Passed senateVote 60–0
  6. 3rd reading cal.2043
  7. Substituted for S5743A
  8. Referred to rules
  9. Delivered to senate
  10. Passed assembly
  11. Home rule request
  12. Ordered to third reading rules cal.443
Show 8 earlier actions
  1. Rules report cal.443
  2. Reported
  3. Reported referred to rules
  4. Reported referred to ways and means
  5. Print number 6320a
  6. Amend and recommit to governmental employees
  7. Referred to governmental employees
  8. Referred to governmental employees

Companion bill

The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.

S5743Senate

Retroactive Pension for Galasso

Senate Floor Calendar · Sponsor Carl L. Marcellino

Impact 2 · Minimal0% to pass

Full text

2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

6320--A

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 -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee

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 Assembly, do enact as follows:

Section 1. Notwithstanding any provision of law to the contrary, Danielle Galasso, an employee of the town of Oyster Bay and a member of the New York state and local employees' retirement system, who was employed by the town of Oyster Bay as a seasonal employee from July 10, 2003 through September 30, 2003 and who, for reasons not ascribable to her own negligence, failed to become a member of such retirement system during such employment by the town of Oyster Bay in 2003, shall be deemed to have joined the New York state and local employees' retirement system on July 10, 2003 and shall be granted Tier IV status in such retirement system, if, within one year of the effective date of this act, she shall file a written request to that effect with the state comptroller.

§ 2. All past service costs of implementing the provisions of this act shall be borne by the town of Oyster Bay.

§ 3. Notwithstanding any other provision of law, no employee contributions shall be returned to Danielle Galasso.

§ 4. This act shall take effect immediately.

FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

This bill will grant retroactive Tier 4 status in the New York State

and Local Employees' Retirement System to Danielle Galasso, a current

Tier 5 member employed by the town of Oyster Bay, by changing her date

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD06076-06-8

A. 6320--A 2

of membership to July 10, 2003, her first date of employment with the

town of Oyster Bay. There will be no refund of member contributions.

If this bill is enacted during the 2018 legislative session, there

will be an increase of approximately $1,200 in the annual contributions

of the town of Oyster Bay for the fiscal year ending March 31, 2019. 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 $1,110 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, 2019.

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, 2017 actuarial valu-

ation. Distributions and other statistics can be found in the 2017

Report of the Actuary and the 2017 Comprehensive Annual Financial

Report.

The actuarial assumptions and methods used are described in the 2015,

2016, and 2017 Annual Report to the Comptroller on Actuarial Assump-

tions, 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, 2017

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 April 23, 2018, and intended for use only during

the 2018 Legislative Session, is Fiscal Note No. 2018-60, prepared by

the Actuary for the New York State and Local Retirement System.

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.