Bill Text: NY S05618 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Grants credit for certain service in the teachers' retirement system for teacher assistants.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S05618 Detail]

Download: New_York-2017-S05618-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5618
                               2017-2018 Regular Sessions
                    IN SENATE
                                     April 20, 2017
                                       ___________
        Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT in relation to credit for  certain  graduate  assistant,  teacher
          assistant  or teaching assistant work for the purposes of 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 any other provisions of law to the contra-
     2  ry, a member of the New  York  state  teachers'  retirement  system  who
     3  joined  such  system  on or prior to July 1, 1992, shall be eligible for
     4  credit for service, if service was rendered  as  a  graduate  assistant,
     5  teacher  assistant  or teaching assistant during the period July 1, 1982
     6  to September 30, 1991 for  a  state-operated  institution  or  community
     7  college  under  the  jurisdiction  of the board of trustees of the state
     8  university which participates in such system. Payments for such  service
     9  shall  be  made by members subject to article 14 or 15 of the retirement
    10  and social security law in accordance with section 609 of such  law,  in
    11  the  case  of  such  service  rendered prior to such member joining such
    12  system, provided the member must be credited with two years  of  service
    13  credit at the time credit for such service is granted. Payments for such
    14  service  shall  be  made  by  members subject to article 14 or 15 of the
    15  retirement and social security law in accordance  with  section  613  of
    16  such  law, in the case of such service rendered after such member joined
    17  such system, together with interest at the  rate  of  five  percent  per
    18  annum from the date such service was rendered to the date of payment.
    19    §  2.  This act shall take effect immediately; provided, however, that
    20  if this act shall become a law after June 30, 2017 it shall take  effect
    21  immediately  and  be deemed to have been in full force and effect on and
    22  after June 30, 2017.  Effective  immediately,  the  addition,  amendment
    23  and/or  repeal of any rules or regulations necessary for the implementa-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06475-04-7
        S. 5618                             2
     1  tion of this act on its effective date are authorized to be made  on  or
     2  before such date.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  would allow active members of the New York State Teachers'
        Retirement System with a date of membership on or prior to July 1,  1992
        to  receive service credit for service rendered as a graduate assistant,
        teacher assistant or teaching assistant during the period July  1,  1982
        to  September  30,  1991  to  a  state-operated institution or community
        college under the jurisdiction of the board of  trustees  of  the  state
        university  which  is  a  participating  employer  of the New York State
        Teachers' Retirement System. Payments for such credit must  be  made  by
        those  members  subject to Article 14 or 15 of the Retirement and Social
        Security Law in accordance with section 609 of such law in the case such
        service was rendered prior to such member joining  the  New  York  State
        Teachers'  Retirement  System  provided  the member is credited with two
        years of service credit at the time credit for such service is  granted.
        Payments  for such credit must be made by those members subject to Arti-
        cle 14 or 15 of the Retirement and Social  Security  Law  in  accordance
        with section 613 of such law in the case such service was rendered after
        such  member  joined  the  New  York  State  Teachers' Retirement System
        together with interest at the rate of five percent per  annum  from  the
        date such service was rendered to the date of payment.
          It is not possible to determine the total annual cost to the employers
        of  members  of the New York State Teachers' Retirement System since the
        total amount of service credit which would be claimed  under  this  bill
        cannot  be  estimated.  However, the cost to the employers of members of
        the New York State  Teachers'  Retirement  System  is  estimated  to  be
        $22,200  per  year of service credited for Tier 1, 2, 3, 4 and 5 members
        and $17,300 per year of service credited for Tier 6 members if this bill
        is enacted. These costs would be offset by member payments  as  required
        under this bill if enacted.
          Employee  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  2017-20  dated  April  17,
        2017  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2017 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.