What's happening
This bill grants Mario C. Donofrio additional retirement credit for his Korean conflict military service, increasing his benefits.
Why it matters
Sets a precedent for individual retirement credit adjustments. By granting Mario C. Donofrio additional credit for his military service, this bill demonstrates that exceptions to standard retirement rules can be made through legislative action, potentially encouraging similar requests from other retirees.
Impacts public retirement system funding. While Mr. Donofrio is required to pay a portion of the cost, the majority ($11,800) will be covered by the State of New York and participating employers, highlighting how individual benefit enhancements can create shared financial obligations.
Recognizes military service in retirement calculations. The bill underscores the value placed on military service by allowing it to increase retirement benefits, which may influence broader policy discussions about how veterans' service is compensated in public pension systems.
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Who cares
Headline styles
Let Veteran Buy Retirement Credit
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to governmental employees
- Referred to governmental employees
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4435
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
Introduced by M. of A. SOLAGES -- read once and referred to the Committee on Governmental Employees
AN ACT to grant retirement credit to Mario C. Donofrio for military service during the Korean conflict
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any other provision of law, Mario C. Donofrio, a retired member of the New York state and local employees' retirement system, having retired on December 31, 1997, who served in the United States military during the Korean conflict, shall be entitled to receive service credit in such retirement system for his time of Korean conflict service if, on or before December 31, 2019 he: (1) shall file a request to such effect with the head of the New York state and local employees' retirement system; and (2) shall pay to the New York state and local employees' retirement system an amount equal to the product of the number of years of military service being claimed and three percent of his final average salary.
§ 2. This act shall take effect immediately and the increase in retirement benefits shall begin on and after such effective date.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would grant additional service credit to Mario C. Donofrio,
a retired member of the New York State and Local Employees' Retirement
System, for service rendered in the Korean conflict.
If this bill is enacted, there will be an immediate past service cost
of approximately $17,000. Of this amount, Mr. Donofrio will be required
to pay $5,200 and the remaining $11,800 will be shared by the State of
New York and all the participating employers in the New York State and
Local Employees' Retirement System.
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, 2018 actuarial valu-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04219-02-9
A. 4435 2
ation. Distributions and other statistics can be found in the 2018
Report of the Actuary and the 2018 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017 and 2018 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, 2018
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 fiscal note does not constitute a legal opinion on the viability
of the proposed change nor is it intended to serve as a substitute for
the professional judgment of an attorney.
This estimate, dated January 25, 2019, and intended for use only
during the 2019 Legislative Session, is Fiscal Note No. 2019-47,
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.