Bill Text: NY A05110 | 2023-2024 | General Assembly | Amended

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Bill Title: Grants retroactive retirement membership in the New York state teachers' retirement system to Eileen Saumell.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-04-02 - print number 5110a [A05110 Detail]

Download: New_York-2023-A05110-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5110--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      March 2, 2023
                                       ___________

        Introduced by M. of A. GANDOLFO -- read once and referred to the Commit-
          tee  on  Governmental  Employees  --  recommitted  to the Committee on
          Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee

        AN ACT granting retroactive retirement membership in the New York  state
          teachers' retirement system to Eileen Saumell

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any other provision of law, Eileen  Saumell
     2  who  is  currently  working  at  the  West Babylon school district and a
     3  member of the New  York  state  teachers'  retirement  system,  who  was
     4  employed  as  a  full-time  employee  of the Nassau County Demonstration
     5  Project, a non-participating employer  of  the  New  York  state  public
     6  retirement systems, with a start date of August 8, 1994 until August 27,
     7  2004,  and  at that time a member of the United Jewish Appeal-Federation
     8  of Jewish Philanthropies of New York, Inc. Retirement  Plan,  could  not
     9  become  a  member of one of the New York state public retirement systems
    10  on August 8, 1994, shall be granted service credit in the New York state
    11  teachers' retirement system for her employment with  the  Nassau  County
    12  Demonstration  Project for the period of August 8, 1994 until August 27,
    13  2004, provided that an application is filed  with  the  New  York  state
    14  teachers'  retirement  system within one year from the effective date of
    15  this act.
    16    § 2. Eileen Saumell shall not be entitled to receive any pension bene-
    17  fits otherwise due to her by  the  United  Jewish  Appeal-Federation  of
    18  Jewish Philanthropies of New York, Inc. Retirement Plan, and no contrib-
    19  utions made to the United Jewish Appeal-Federation of Jewish Philanthro-
    20  pies  of  New  York,  Inc.  Retirement  Plan  by Eileen Saumell shall be
    21  returned or refunded to her pursuant to this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01258-04-4
        A. 5110--A                          2

     1    § 3. All past service costs associated with the implementation of this
     2  act shall be borne by Nassau County.
     3    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Eileen Saumell, an active member of the New York
        State Teachers' Retirement System with Tier 4 status, to receive service
        credit for the period August 8, 1994 until August 27, 2004 while she was
        employed with the Nassau County Demonstration Project, a non-participat-
        ing employer of the New York State public retirement systems. During Ms.
        Saumell's  employment  with the Nassau County Demonstration Project, she
        was a member of the United Jewish Appeal-Federation  of  Jewish  Philan-
        thropies of New York, Inc. Retirement Plan and could not become a member
        of  one  of  the New York State public retirement systems. Contributions
        made to the United Jewish Appeal-Federation of Jewish Philanthropies  of
        New  York,  Inc. Retirement Plan by Ms. Saumell shall not be returned or
        refunded to her pursuant to this bill. Ms. Saumell must file  a  written
        request  with the head of the New York State Teachers' Retirement System
        within one year of the effective date of this bill.
          The cost of this benefit is equal to the increase in the present value
        of liabilities, which is estimated to be $463,000. This  cost  would  be
        borne  by  the  county of Nassau. Granting service credit for employment
        with an organization that may potentially be considered a non-governmen-
        tal or private employer could jeopardize the System's governmental  plan
        status  and  its  exemption from ERISA which could result in the loss of
        tax-qualified status.
          Member data is from the System's most recent actuarial valuation files
        as of June 30, 2023, consisting of data provided by the employers to the
        Retirement System. The most recent data distributions and statistics can
        be found in the System's Annual Report for fiscal year  ended  June  30,
        2023. System assets are as reported in the System's financial statements
        and  can  also be found in the System's Annual Report. Actuarial assump-
        tions and methods are  provided  in  the  System's  Actuarial  Valuation
        Report as of June 30, 2023.
          The  source  of this estimate is Fiscal Note 2024-14 dated February 8,
        2024 prepared by the Office of the Actuary of the New York State  Teach-
        ers'  Retirement  System  and  is  intended for use only during the 2024
        Legislative Session. I, Richard A. Young, am the Chief Actuary  for  the
        New  York State Teachers' Retirement System. I am a member of the Ameri-
        can Academy of Actuaries and I meet the Qualification Standards  of  the
        American  Academy of Actuaries to render the actuarial opinion contained
        herein.