Bill Text: NY A07151 | 2015-2016 | General Assembly | Amended

New York Assembly Bill 7151 (Prior Session Legislation)

Bill Title: Authorizes Annlouise Cirelli to purchase service credit in the New York state teachers' retirement system for certain employment out-of-state.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to governmental employees [A07151 Detail]

Download: New_York-2015-A07151-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7151--A
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 27, 2015
                                      ___________
       Introduced by M. of A. WALTER -- read once and referred to the Committee
         on  Governmental  Employees  --  committee  discharged,  bill amended,
         ordered reprinted as amended and recommitted to said committee
       AN ACT to authorize Annlouise Cirelli to purchase service credit in  the
         New  York  state  teachers'  retirement  system for certain employment
         out-of-state
         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, Annlouise
    2  Cirelli, a retiree of the New York state  teachers'  retirement  system,
    3  who  joined  the retirement system as a tier four member and pursuant to
    4  section 645 of the retirement and social security law was reinstated  to
    5  a  tier one membership and who subsequently was employed as a teacher by
    6  the Cincinnati Public School District from 1975 through 1981,  and  such
    7  service  as if it had been performed for an employer defined in subdivi-
    8  sion 3 of section 501 of the education law would constitute service as a
    9  teacher, shall be authorized to purchase service credit in such  retire-
   10  ment  system for her employment by the Cincinnati Public School District
   11  if, within 180 days of the effective date of this act,  she  applies  to
   12  the  head  of  the  New  York state teachers' retirement system.   Under
   13  current New York state law Ms. Cirelli, a tier one retiree  of  the  New
   14  York  state  teachers'  retirement  system, is not permitted to purchase
   15  out-of-state service since such service occurred subsequent to her  date
   16  of membership in the New York state teachers' retirement system.
   17    S 2. All costs attributable to the implementation of this act shall be
   18  borne  by  the  employers  of  members  of  the New York state teachers'
   19  retirement system.
   20    S 3. This act shall take effect immediately.
         FISCAL NOTE.-- This bill would allow Annlouise Cirelli, a retired Tier
       1 member of the New York State Teachers' Retirement System,  to  receive
       service  credit  for  her  employment  as  a teacher with the Cincinnati
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10635-03-5
       A. 7151--A                          2
       Public School District. The service credit will be  granted  as  if  the
       service  was  performed for a participating employer defined in subdivi-
       sion 3 of section 501 of the Education Law.  Tier  1  members  can  only
       receive  out-of-state service credit for teaching service rendered prior
       to their date of membership, provided a benefit will not be received for
       such out-of-state teaching service from another  state  or  the  federal
       government. Ms. Cirelli's pension would be recalculated with retroactive
       adjustment  to  payments  made  since  her date of retirement of July 1,
       2013. Ms. Cirelli must file a written request with the head of  the  New
       York  State Teachers' Retirement System within 180 days of the effective
       date of this bill.
         The cost of this benefit is equal to the increase in the present value
       of liabilities, which is estimated to be $143,000.
         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 2015-26 dated April 27,
       2015 prepared by the Actuary of the New York State Teachers'  Retirement
       System and is intended for use only during the 2015 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.