Bill Text: NY S04106 | 2019-2020 | General Assembly | Amended

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Bill Title: Authorizes Joseph DelGiorno's eligibility to apply for a military service credit for his service in the Korean conflict.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-03-03 - PRINT NUMBER 4106A [S04106 Detail]

Download: New_York-2019-S04106-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4106--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                    February 28, 2019
                                       ___________

        Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        AN ACT to authorize Joseph DelGiorno's 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, Joseph DelGiorno, a retired member
     3  of the New York state teachers' retirement  system,  having  retired  in
     4  1988;  and  who  served  in the United States military during the Korean
     5  conflict, shall be eligible to apply for military service credit in  the
     6  New  York state teachers' retirement system as otherwise provided pursu-
     7  ant to the provisions of section 1000 of the retirement and social secu-
     8  rity law, if, within one year of the effective  date  of  this  act,  he
     9  shall file a written request to that effect with such retirement system.
    10  Such benefit shall be recalculated as of the date of his retirement.
    11    § 2. All costs attributable to the implementation of this act shall be
    12  borne  by  the  employers  of  members  of  the New York state teachers'
    13  retirement system.
    14    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Joseph DelGiorno, a retired member  of  the  New
        York  State  Teachers' Retirement System, to apply for retirement credit
        for military service rendered during the Korean conflict. Mr.  DelGiorno
        must  file  a written request with the head of the New York State Teach-
        ers' Retirement System within one year of the  effective  date  of  this
        bill.  Additionally, Mr. DelGiorno must pay an amount equal to the prod-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03464-03-0
        S. 4106--A                          2

        uct of the period of military service being claimed and three percent of
        his  annual  full-time  rate  of  compensation immediately preceding his
        retirement. The increase in Mr.  DelGiorno's  pension  will  be  payable
        retroactively to his date of retirement.
          The cost of this benefit is equal to the increase in the present value
        of  liabilities,  which  is  estimated to be $40,500. This cost would be
        borne by the employers of  members  of  the  New  York  State  Teachers'
        Retirement  System and by Mr. DelGiorno. The employers of members of the
        New York State Teachers' Retirement  System  would  be  responsible  for
        approximately $38,700 and Mr. DelGiorno for approximately $1,800.
          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 2020-14 dated March 2, 2020
        prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
        System and is intended for use only during the 2020 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.