senate Bill S7777

Authorizes Collette V. Fournier to purchase certain service credit in the New York state teachers' retirement system

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 06 / Jun / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 16 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 16 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1417
  • 16 / Jun / 2014
    • PASSED SENATE
  • 16 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 16 / Jun / 2014
    • REFERRED TO GOVERNMENTAL EMPLOYEES

Summary

Authorizes Collette V. Fournier to purchase certain service credit in the New York state teachers' retirement system.

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Bill Details

See Assembly Version of this Bill:
A9998
Versions:
S7777
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S7777

TITLE OF BILL: An act in relation to authorizing Collette V. Fournier
to purchase certain service credit in the New York state teachers'
retirement system

PURPOSE: This bill would allow Collette V. Fournier to purchase
certain service credit in the New York State Teachers' Retirement
(NYSTRS) system and be reinstated to membership with her original date
of membership and tier status.

SUMMARY OF PROVISIONS: This legislation simplifies procedures and
provisions for Collette V. Fournier to be reinstated to membership
with NYSTRS with a date of membership of February 3, 1992. Upon
reinstatement, Ms Fournier must file a written request with the head
of NYSTRS by the thirty first of December following the effective date
of this bill,

JUSTIFICATION: This legislation would allow Ms Fournier to be able to
purchase her time and receive any eligible service credit acquired
during her employment with Rockland County Community College between
the dates of February 3, 1992 and June 2, 1999.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: The cost of this benefit is equal to the
increase in the present value of liabilities, which is estimated to be
$56,000 (see Fiscal Note appended to bill).

EFFECTIVE DATE: This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7777

                            I N  S E N A T E

                              June 6, 2014
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT in relation to  authorizing  Collette  V.  Fournier  to  purchase
  certain  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:

  Section  1.  Notwithstanding  any  other provision of law, Collette V.
Fournier, who elected TIAA-CREF on June  2,  1999  and  is  currently  a
member  of  TIAA-CREF, who is employed as a member of the administrative
staff in the campus communications/art department of the Rockland Commu-
nity College, and began working for the Rockland  Community  College  in
February 1992, and who for reasons not ascribable to her own negligence,
was in a classified position not reportable to the New York state teach-
ers'  retirement  system at such time, shall be entitled to a membership
with the New York state teachers'  retirement  system  with  a  date  of
membership of February 3, 1992 and tier status and receive service cred-
it  for  her employment with Rockland Community College from February 3,
1992 through June 30, 2001.    Such  additional  credit  shall  only  be
obtained if, on or before the thirty-first day of December next succeed-
ing  the  date  on  which  this act shall have become a law, she files a
written request with the head of the New York state teachers' retirement
system seeking to receive such service credit.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would allow Collette V.  Fournier,  a  member  of  TIAA-CREF
since  June  2,  1999,  to be entitled to a membership with the New York
State Teachers' Retirement System with a date of membership of  February
3,  1992.  Ms.  Fournier would receive service credit for her employment
with the Rockland Community College from February 3, 1992  through  June
30,  2001. Ms. Fournier must file a written request with the head of the
New York State Teachers' Retirement System by the  thirty-first  day  of
December following the effective date of this bill.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10885-04-4

S. 7777                             2

  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $56,000.
  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 2014-32 dated June 3,  2014
prepared  by  the  Actuary  for  the New York State Teachers' Retirement
System and is intended for use only during the 2014 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.

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