Bill Text: NY S06397 | 2017-2018 | General Assembly | Amended

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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

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                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.
                                                                   LBD10510-05-8
        S. 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.