S T A T E   O F   N E W   Y O R K
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                                  4810

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 20, 2015
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

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:

  Section 1. Notwithstanding any other provision of law to the contrary,
Mr. James N. Camarda, member  of  the  Long  Island  Rail  Road  Company
Pension  Plan  and the Long Island Rail Road Company Plan for Additional
Pensions and who was previously employed by the Long  Island  Rail  Road
having  retired  on  October  1,  2001, shall be eligible for credit for
service, up to three years, for time spent in the United States military
during certain times of conflict while employed by the Long Island  Rail
Road,  provided  that  such member files a claim for part or all of such
service with the Defined Retirement Program for Represented Employees of
the Commuter Rails, part of the  Metropolitan  Transportation  Authority
Defined  Benefit  Pension  Plan  within 90 days of the effective date of
this act and contributes to such retirement system an amount which  such
member would have contributed during such period, together with interest
thereon,  and  further  provided  that  no additional credit for service
shall be given for any periods of service already purchased. The  amount
contributed  shall  be  pursuant  to regulations adopted by the board of
trustees of such retirement system.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This bill will allow James N. Camarda, a Long Island Rail  Road  reti-
ree, a period of three months to file a claim to purchase pension credit
for  up  to three years of military service, which occurred 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00552-02-5
              

S. 4810                             2

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 $93,266 determined as of June 1, 2015. This  liability  consists
of  $59,238  in  retroactive  payments  (assuming no interest is paid on
these  retroactive  payments)  plus  $43,308  in  liability  for  future
expected  payments  less $9,280 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,  2014  actuarial  valu-
ation of the MTA DB.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.