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

                                  7382

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               May 6, 2015
                               ___________

Introduced by M. of A. HEVESI -- 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:

  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
              

A. 7382                             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.