Grants retroactive membership in the New York state and local employees' retirement system to Michael Posillico.
Impact
A key feature of this bill is the financial implication for the state and related local governments. The past service costs associated with implementing this bill will be borne entirely by the State of New York, resulting in an estimated one-time payment of approximately $58,700. Additionally, there is an anticipated increase of about $9,000 in annual contributions from Suffolk County, where Posillico is currently employed, for the fiscal year ending March 31, 2026. As such, the bill will have direct financial repercussions for state and local budgets, emphasizing the importance of managing retirement fund liabilities effectively.
Summary
A08170 is a bill introduced in the New York Assembly that grants retroactive membership in the New York State and Local Employees' Retirement System to an individual named Michael Posillico. The bill stipulates that Posillico, who failed to join the retirement system during his employment as a park attendant/dockworker with the Town of Brookhaven due to no fault of his own, will be considered to have joined the retirement system as of May 6, 2002. This retroactive designation will grant him Tier IV status within the retirement system if he submits a written request to the state comptroller within one year of the bill's passing.
Contention
While the bill appears to focus on a specific individual's membership status, it raises questions about the broader implications for the retirement system and its members. Some may argue that granting retroactive membership should be scrutinized to ensure fairness and equity within the retirement system. Additionally, the burden of past service costs on the state could prompt discussions surrounding the fiscal sustainability of retirement benefits for public employees, which may lead to debates among policymakers and stakeholders regarding potential reforms in retirement policy across New York State.