Bill Text: NY A07618 | 2017-2018 | General Assembly | Amended

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Bill Title: Authorizes Annlouise Cirelli to purchase service credit in the New York state teachers' retirement system for certain employment out-of-state.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-05-15 - held for consideration in governmental employees [A07618 Detail]

Download: New_York-2017-A07618-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7618--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                       May 5, 2017
                                       ___________
        Introduced by M. of A. WALTER -- read once and referred to the Committee
          on  Governmental  Employees -- recommitted to the Committee on Govern-
          mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
          tee discharged, bill amended, ordered reprinted as amended and  recom-
          mitted to said committee
        AN  ACT to authorize Annlouise Cirelli to purchase service credit in the
          New York state teachers'  retirement  system  for  certain  employment
          out-of-state
          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,  Annlouise
     2  Cirelli,  a  retiree  of the New York state teachers' retirement system,
     3  who joined the retirement system as a tier four member and  pursuant  to
     4  section  645 of the retirement and social security law was reinstated to
     5  a tier one membership and who subsequently was employed as a teacher  by
     6  the  Cincinnati  Public School District from 1975 through 1981, and such
     7  service as if it had been performed for an employer defined in  subdivi-
     8  sion 3 of section 501 of the education law would constitute service as a
     9  teacher,  shall be authorized to purchase service credit in such retire-
    10  ment system for her employment by the Cincinnati Public School  District
    11  if,  within  180  days of the effective date of this act, she applies to
    12  the head of the New York state teachers' retirement system.
    13    § 2. All costs attributable to the implementation of this act shall be
    14  borne by the employers of  members  of  the  New  York  state  teachers'
    15  retirement system.
    16    § 3. This act shall take effect immediately.
          FISCAL  NOTE.--This bill would allow Annlouise Cirelli, a retired Tier
        1 member of the New York State Teachers' Retirement System,  to  receive
        service  credit  for  her  employment  as  a teacher with the Cincinnati
        Public School District.  The service credit will be granted  as  if  the
        service  was  performed for a participating employer defined in subdivi-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04753-04-8
        A. 7618--A                          2
        sion 3 of section 501 of the Education Law.  Tier  1  members  can  only
        receive  out-of-state service credit for teaching service rendered prior
        to their date of membership, provided a benefit will not be received for
        such  out-of-state  teaching  service  from another state or the federal
        government. Ms. Cirelli's pension would be recalculated with retroactive
        adjustment to payments made since her date  of  retirement  of  July  1,
        2013.  Ms.  Cirelli must file a written request with the head of the New
        York State Teachers' Retirement System within 180 days 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 $178,000. This cost is to be
        borne by the employers of  members  of  the  New  York  State  Teachers'
        Retirement System.
          Member  data  is  from  the  System's  most recent actuarial valuation
        files, consisting of data provided by the employers  to  the  Retirement
        System.   Data distributions and statistics can be found in the System's
        Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
        reported  in the System's financial statements, and can also be found in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The source of this estimate is Fiscal Note 2018-25 dated May  4,  2018
        prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
        System and is intended for use only during the 2018 Legislative Session.
        I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
        Retirement  System.   I am a member of the American Academy of Actuaries
        and I meet the Qualification Standards of the American Academy of  Actu-
        aries to render the actuarial opinion contained herein.