Bill Text: NY A07631 | 2019-2020 | General Assembly | Introduced

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Bill Title: Grants retroactive membership with Tier II status in the New York state teachers' retirement system to Lori Cohen.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-01-06 - enacting clause stricken [A07631 Detail]

Download: New_York-2019-A07631-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7631

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      May 14, 2019
                                       ___________

        Introduced  by  M. of A. RAIA -- read once and referred to the Committee
          on Governmental Employees

        AN ACT granting retroactive membership with Tier II status  in  the  New
          York state teachers' retirement system to Lori Cohen

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any other law to the contrary, Lori  Cohen,
     2  who  was  employed  as  a  substitute  teacher with the Oceanside school
     3  district and Rockville Centre school district with a start date of  July
     4  1,  1975,  and  who  is currently a retired member of the New York state
     5  teachers' retirement system, who through no fault of  her  own  did  not
     6  become  a  member  of  the New York state teachers' retirement system on
     7  July 1, 1975 when first employed by the Oceanside  school  district  and
     8  Rockville  Centre  school district shall be deemed to have been a member
     9  of the New York state teachers'  retirement  system  on  such  date  she
    10  commenced  her  employment and shall be granted Tier II status, provided
    11  that an application is filed with the head of the New York state  teach-
    12  ers'  retirement  system within one year from the effective date of this
    13  act.
    14    § 2. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This bill would allow Lori Cohen, a retired Tier 3 member of  the  New
        York  State  Teachers' Retirement System, to be reclassified as a Tier 2
        member. Her date of membership would be changed based upon  her  employ-
        ment  as  a  substitute  teacher  with the Oceanside School District and
        Rockville Centre School District which commenced on July 1, 1975.   Upon
        reclassification as a Tier 2 member, Ms. Cohen's pension would be recal-
        culated  with  retroactive adjustment to payments made since her date of
        retirement of July 1, 2018. Additionally,  she  would  be  refunded  the
        member  contributions she made under Tier 3 as well as her prior service
        payment. Ms. Cohen must file a written request with the head of the  New

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09503-02-9
        A. 7631                             2

        York  State Teachers' Retirement System within one year of the effective
        date of this bill.
          The cost of this benefit is equal to the increase in the present value
        of liabilities plus the refund of member contributions and prior service
        payments, which is estimated to be $211,000. 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 2019-21 dated March 28,
        2019 prepared by the Actuary of the New York State Teachers'  Retirement
        System and is intended for use only during the 2019 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.