Bill Text: NY S06441 | 2017-2018 | General Assembly | Amended

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Bill Title: Authorizes Alan Gregory to apply for past service credit in the New York state teachers' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-05-08 - PRINT NUMBER 6441A [S06441 Detail]

Download: New_York-2017-S06441-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6441--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 19, 2017
                                       ___________
        Introduced  by  Sen.  O'MARA -- 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 Alan Gregory to apply for past service credit in 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 provision of law,  Alan  Gregory,
     2  who  retired  on  January  22,  2014 from employment by the Watkins Glen
     3  school district and receives benefits from the New York state  teachers'
     4  retirement  system, and who commenced employment with the New York state
     5  office of fire prevention and control as a part-time New York state fire
     6  instructor on June 27, 2000, a participating employer in  the  New  York
     7  state  and  local employees' retirement system, and who, for reasons not
     8  ascribable to his own negligence, did not become a  member  of  the  New
     9  York  state  and local employees' retirement system for such employment,
    10  shall be allowed to include his wages earned with  the  New  York  state
    11  office of fire prevention and control in his final average salary calcu-
    12  lation if, on or before the thirty-first of December next succeeding the
    13  effective  date  of  this  act, he shall file a written request therefor
    14  with the head of the New York state teachers' retirement system.
    15    § 2. Any past service costs incurred in implementing the provisions of
    16  this act, shall be borne by the employers of members  of  the  New  York
    17  state teachers' retirement system.
    18    §  3.  This  act  shall  take  effect  immediately  and shall apply to
    19  payments made on or after the effective date of this act.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09966-05-8
        S. 6441--A                          2
          This bill would allow Alan Gregory, a retired Tier 3 member of the New
        York State Teachers' Retirement System, to include his wages earned from
        his part-time  employment  with  the  New  York  State  Office  of  Fire
        Prevention  and  Control  in  his final average salary calculation. This
        bill  would  only  apply  to payments due to Mr. Gregory on or after the
        effective date of this act. Mr. Gregory must file a written request with
        the head of the New York State Teachers' Retirement System on or  before
        the  thirty-first of December next succeeding the effective date of this
        act.
          The cost of this benefit is equal to the increase in the present value
        of liabilities, which is estimated to be $86,000. 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 2018-21 dated May 3, 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.