Bill Text: NY S05097 | 2019-2020 | General Assembly | Amended

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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) 2020-01-29 - PRINT NUMBER 5097A [S05097 Detail]

Download: New_York-2019-S05097-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5097--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                      April 9, 2019
                                       ___________

        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
        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.
                                                                   LBD09503-04-0
        S. 5097--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 the refund of member contributions and prior service
        payments, which is estimated to be $223,000. 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 2020-5 dated January 28,
        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.