Grants retroactive tier IV membership in the New York state and local employees' retirement system to Kenneth Panaro.

This bill grants Kenneth Panaro retroactive tier IV membership in the New York state and local employees' retirement system, effective from his date of first employment with the town of Hempstead on June 25, 2007. Panaro, currently a Tier 5 member, will not receive a refund for any contributions made to the retirement system. The town of Hempstead will bear all past service costs associated with this change, including an immediate past service cost of $123,000 and an estimated annual increase of $3,500 starting from fiscal year 2027.

Grants retroactive tier IV membership in the New York state and local employees' retirement system to Kenneth Panaro.

This bill grants Kenneth Panaro retroactive tier IV membership in the New York state and local employees' retirement system, effective from his date of first employment with the town of Hempstead on June 25, 2007. Panaro, currently a Tier 5 member, will not receive a refund for any contributions made to the retirement system. The town of Hempstead will bear all past service costs associated with this change, including an immediate past service cost of $123,000 and an estimated annual increase of $3,500 starting from fiscal year 2027.