Bill Text: NY S04735 | 2009-2010 | General Assembly | Introduced

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Bill Title: Authorizes Walter M. Callahan, a retiree of the New York state and local employees' retirement system receiving retirement benefits, to transfer his membership to the New York state teachers' retirement system based upon subsequent employment as a business administrator by a school district.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO CIVIL SERVICE AND PENSIONS [S04735 Detail]

Download: New_York-2009-S04735-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4735
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    April 27, 2009
                                      ___________
       Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize Walter M. Callahan,  a  retiree  receiving  benefits
         from  the  New  York  state and local employees' retirement system, to
         retroactively terminate his retirement and transfer his membership  in
         such retirement to 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  provision  of  law  to  the  contrary,
    2  Walter  M.  Callahan,  a  retired member of the New York state and local
    3  employees' retirement system who has been receiving enhanced  retirement
    4  benefits  pursuant to the retirement incentive enacted pursuant to chap-
    5  ter 86 of the laws of 2000 since his retirement on November 4, 2000, who
    6  on August 30, 2006 was appointed as a business administrator employed by
    7  a school district, and who upon  assuming  such  business  administrator
    8  position  became  a  member  of  the New York state teachers' retirement
    9  system, shall be entitled to elect to be deemed  retroactively  to  have
   10  transferred  his  membership  in the New York state and local employees'
   11  retirement system to the New  York  state  teachers'  retirement  system
   12  pursuant  to  section 43 of the retirement and social security law as of
   13  November 3, 2000, provided that upon retirement from the New York  state
   14  teachers'  retirement  system,  his  retirement  allowance  shall be (a)
   15  recalculated taking into account the forfeiture of his enhanced  retire-
   16  ment  benefits  by  reason  of  his return to public service pursuant to
   17  section 11 of chapter 41 of the laws of 1997, and  (b)  reduced  by  the
   18  actuarial  equivalent  of  the retirement benefits received by Walter M.
   19  Callahan prior to his election pursuant to this  section;  and  further,
   20  provided,  that  Walter  M.  Callahan  shall not be required to make any
   21  employee contribution to the New York state teachers' retirement  system
   22  and upon retirement from the New York state teachers' retirement system,
   23  his  retirement allowance shall be increased by the actuarial equivalent
   24  of the employee contributions he has made to the New York  state  teach-
   25  ers' retirement system between August 30, 2006 and his election pursuant
   26  to  this  section. In order to effect such retroactive transfer pursuant
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05197-02-9
       S. 4735                             2
    1  to this section, Walter M. Callahan shall provide, on or before December
    2  31, 2009, notice to the comptroller and the governing body  of  the  New
    3  York  state  teachers' retirement system of his election to transfer his
    4  membership  in the New York state and local employees' retirement system
    5  pursuant to this section.
    6    S 2. Upon the election by Walter M. Callahan to take advantage of  the
    7  provisions  of this act, the New York state and local employees' retire-
    8  ment system shall transfer the amount of his pension reserve to the  New
    9  York state teachers' retirement system.
   10    S  3.  All  costs incurred in implementing the provisions of this act,
   11  unless otherwise stated, shall be borne by the New York state  teachers'
   12  retirement system.
   13    S 4. This act shall take effect immediately.
         FISCAL  NOTE.--This legislation will allow Walter M. Callahan, a reti-
       ree from the New York State and Local Employees' Retirement  System,  to
       retroactively  transfer  his  membership to the New York State Teachers'
       Retirement System.
         Insofar as this bill will affect the New York State and Local  Employ-
       ees' Retirement System, if it is enacted, Mr. Callahan will retroactive-
       ly  transfer to the New York State Teachers' Retirement System and there
       will be a transfer of reserves from the New York State and Local Employ-
       ees' Retirement System to the New York State Teachers' Retirement System
       which will equal our liability due to Mr.  Callahans'  current  pension.
       Therefore,  this legislation will generate no cost to the New York State
       and Local Employees' Retirement System. This legislation,  however,  may
       generate a cost to the New York State Teachers' Retirement System.
         This estimate, dated January 27, 2009 and intended for use only during
       the  2009  Legislative Session, is Fiscal Note No. 2009-117, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System.
         FISCAL  NOTE.--This  bill  would  allow  Walter M. Callahan, a retired
       member of the New York State  and  Local  Employees'  Retirement  System
       (NYSLERS) and currently an active member of the New York State Teachers'
       Retirement  System  (NYSTRS),  to  retroactively transfer his membership
       from NYSLERS to NYSTRS pursuant to Section  43  of  the  Retirement  and
       Social  Security  Law.  Upon  his retirement from NYSTRS, his retirement
       allowance shall be recalculated taking into account  the  forfeiture  of
       his  enhanced  retirement  benefits  by  reason  of his return to public
       service pursuant to Section 11 of Chapter 41 of the Laws of 1997.  Addi-
       tionally,  his  retirement  benefit  shall  be  reduced by the actuarial
       equivalent of the retirement benefits received from NYSLERS from  Novem-
       ber  4,  2000  through  September  30,  2006.  Mr. Callahan shall not be
       required to make any further employee contributions to NYSTRS, and  upon
       retirement his benefit shall be increased by the actuarial equivalent of
       employee  contributions made to NYSTRS after August 30, 2006. Mr. Calla-
       han must file a written request with the head  of  the  New  York  State
       Teachers' Retirement System on or before December 31, 2009.
         The  cost  of this benefit is equal to the net increase in the present
       value of liabilities, which is estimated to be $360,000. This cost  will
       be partially offset by the pension reserve transferred from the New York
       State  and  Local  Employees'  Retirement System in accordance with this
       bill.
         The source of this estimate is Fiscal Note  2009-39  dated  April  10,
       2009  prepared by the Actuary of the New York State Teachers' Retirement
       System and is intended for use only during the 2009 Legislative Session.