Bill Text: NY S04869 | 2021-2022 | General Assembly | Amended
Bill Title: Grants retroactive membership with Tier II status in the New York state teachers' retirement system to Lori Cohen.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2022-06-01 - referred to governmental employees [S04869 Detail]
Download: New_York-2021-S04869-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4869--A 2021-2022 Regular Sessions IN SENATE February 17, 2021 ___________ Introduced by Sen. GAUGHRAN -- 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 granting retroactive membership with Tier II status in the New York state teachers' retirement system to Lori Cohen The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other law to the contrary, Lori Cohen, 2 who was employed as a substitute teacher with the Oceanside school 3 district and Rockville Centre school district with a start date of July 4 1, 1975, and who is currently a retired member of the New York state 5 teachers' retirement system, who through no fault of her own did not 6 become a member of the New York state teachers' retirement system on 7 July 1, 1975 when first employed by the Oceanside school district and 8 Rockville Centre school district shall be deemed to have been a member 9 of the New York state teachers' retirement system on such date she 10 commenced her employment and shall be granted Tier II status, provided 11 that an application is filed with the head of the New York state teach- 12 ers' retirement system within one year from the effective date of this 13 act. 14 § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow Lori Cohen, a retired Tier 3 member of the New York State Teachers' Retirement System, to be reclassified as a Tier 2 member. Her date of membership would be changed based upon her employ- ment as a substitute teacher with the Oceanside School District and the Rockville Centre School District which commenced on July 1, 1975. Upon reclassification as a Tier 2 member, Ms. Cohen's pension would be recal- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03945-05-1S. 4869--A 2 culated with retroactive adjustment to payments made since her date of retirement of July 1, 2018. Additionally, she would be refunded the member contributions she made under Tier 3 as well as her prior service payment. Ms. Cohen 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 plus retroactive monthly payments, and the refund of member contributions and prior service payments, which is estimated to be $235,000. 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 Annual Report. System assets are as reported in the System's financial statements, and can also be found in the System's Annual Report. Actu- arial assumptions and methods are provided in the System's Actuarial Valuation Report. The source of this estimate is Fiscal Note 2022-3 dated December 9, 2021 prepared by the Actuary of the New York State Teachers' Retirement System and is intended for use only during the 2022 Legislative Session. I, Richard A. Young, am the Chief Actuary for the New York State Teach- ers' Retirement System. I am a member of the American Academy of Actuar- ies and I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.
