Bill Text: NY S06397 | 2017-2018 | General Assembly | Amended
Bill Title: Authorizes the New York state teachers' retirement system to accept an application for disability retirement benefits from Karen Sosinski.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-05-01 - PRINT NUMBER 6397A [S06397 Detail]
Download: New_York-2017-S06397-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6397--A 2017-2018 Regular Sessions IN SENATE May 16, 2017 ___________ Introduced by Sen. YOUNG -- 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 the New York state teachers' retirement system to accept an application for disability retirement benefits from Karen Sosinski The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other provision of law to the contrary, 2 the application for disability retirement benefits of Karen Sosinski, 3 who was employed as a teacher by the Dunkirk city school district and a 4 member of the New York state teachers' retirement system, who ceased her 5 employment with the Dunkirk city school district on April 3, 2014, and 6 who, for reasons not ascribable to her own negligence, did not apply to 7 the New York state teachers' retirement system for disability retirement 8 benefits until October 26, 2015, shall be deemed to have applied to the 9 New York state teachers' retirement system for disability retirement 10 benefits within 30 days of her ceasing to be employed on April 3, 2014. 11 § 2. All costs associated with the implementation of this act shall be 12 borne by the employers of the 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 concerns Karen Sosinski, a vested member of the New York State Teachers' Retirement System who ceased her employment as a teacher with the Dunkirk City School District on April 3, 2014, and did not apply for disability retirement benefits until October 26, 2015, after the 12-month deadline to apply for disability retirement had lapsed. She EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10510-05-8S. 6397--A 2 shall be deemed to have applied for disability retirement benefits with- in 30 days of ceasing her employment on April 3, 2014. Currently Ms. Sosinski is eligible for a service retirement benefit commencing at age 55. The cost of this benefit is equal to the increase in the present value of liabilities, which is estimated to be $131,000. This cost is to be borne by the employers of members of the New York State Teachers' Retirement System and is contingent upon the approval of Karen Sosinski's application for disability retirement by the Medical Board 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 CAFR. Actuarial assumptions and methods are provided in the System's Actuarial Valuation Report. The source of this estimate is Fiscal Note 2018-20 dated April 27, 2018 prepared by the Actuary of the New York State Teachers' Retirement System and is intended for use only during the 2018 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.