Bill Text: NY A10547 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes Jeffrey Alva Beall eligibility to apply for retroactive military service credit in the New York state teachers' retirement system.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-06-03 - referred to governmental employees [A10547 Detail]

Download: New_York-2023-A10547-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10547

                   IN ASSEMBLY

                                      June 3, 2024
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Manktelow)
          -- read once and referred to the Committee on Governmental Employees

        AN ACT to authorize Jeffrey Alva Beall eligibility to apply for military
          service credit in the New York state teachers' retirement system

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

     1    Section  1.  Notwithstanding  subdivision  5  of  section  1000 of the
     2  retirement and social security law, Jeffrey Alva Beall, a retired member
     3  of the New York state teachers' retirement system,  who  was  on  active
     4  duty  in  the  United States Army from April 17, 1984 until February 27,
     5  1987, shall be eligible to apply for  military  service  credit,  to  be
     6  applied  retroactively  to  the  date of his retirement, in the New York
     7  state teachers' retirement system as otherwise provided pursuant to  the
     8  provisions  of  section  1000 of the retirement and social security law.
     9  To obtain such credit Mr. Beall shall pay the New York  state  teachers'
    10  retirement  system  a sum equal to the product of the number of years of
    11  military service he served, and three percent  of  Mr.  Beall's  compen-
    12  sation  earned  during  the  last  twelve consecutive months of credited
    13  service preceding the date of his retirement.
    14    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Jeffrey Alva Beall, a retired Tier 4  member  of
        the  New York State Teachers' Retirement System, to purchase three years
        of service credit for his military service when he was on active duty in
        the United States Army from April 17, 1984 until February 27, 1987.  Mr.
        Beall  must  pay  a  sum  equal to the product of the number of years of
        military service credit and three percent  of  his  compensation  earned
        during  the last twelve consecutive months of credited service preceding
        his retirement. The increase in Mr. Beall's  pension  would  be  payable
        retroactively to his date of retirement. He was not eligible to purchase
        this  military  service  credit  upon  his  retirement in 2016 as it was
        before the law was changed to allow credit for military service rendered
        at any time, rather than during specified periods of war.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15265-03-4
        A. 10547                            2

          The cost of this benefit is equal to the increase in the present value
        of liabilities minus Mr. Beall's contribution, which is estimated to  be
        $70,000. This cost would 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
        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 2024-33 dated May 30,  2024
        prepared  by  the  Office of the Actuary of the New York State Teachers'
        Retirement System and is intended for use only during the 2024  Legisla-
        tive Session. I, Richard A. Young, am the Chief 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 Actuaries to render the actuarial opinion contained herein.