S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9346
 
                             I N  S E N A T E
 
                               May 18, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive membership with Tier IV status  in  the  New
   York state teachers' retirement system to Peter Guarino
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other law to the contrary, Peter Guari-
 no, who was employed as a  substitute  teacher  with  the  Lansing  city
 school  district,  Newfield  city school district and Ithaca city school
 district with a start date of June 13, 2008, and  who  is  currently  an
 active  member  of  the  New York state teachers' retirement system, who
 through no fault of his own did not become a  member  of  the  New  York
 state  teachers'  retirement system on June 13, 2008 when first employed
 by the Lansing city school district, Newfield city school  district  and
 Ithaca city school district shall be deemed to have been a member of the
 New York state teachers' retirement system on such date he commenced his
 employment  and shall be granted Tier IV status, provided that an appli-
 cation is filed with the head of the New York state teachers' retirement
 system within one year from the effective date of this act.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow Peter Guarino, an active Tier 5  member  of  the
 New  York State Teachers' Retirement System (NYSTRS), to be reclassified
 as a Tier 4 member with a date of membership of  June  13,  2008,  based
 upon  his  employment  as  a substitute teacher with the Lansing Central
 School District, the Newfield City School District, and the Ithaca  City
 School  District.  Mr. Guarino must file a written request with the head
 of NYSTRS within one year of the effective date of this bill.
   This bill would generate a cost equal to the increase in  the  present
 value  of liabilities, which is estimated to be $70,000. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15262-02-2
 S. 9346                             2
 
 System.  Data  distributions and statistics can be found in the System's
 Annual Report. System assets are as reported in the  System's  financial
 statements and can also be found in the System's Annual Report. Actuari-
 al  assumptions and methods are provided in the System's Actuarial Valu-
 ation Report and the 2021 Actuarial Assumptions Report.
   The source of this estimate is Fiscal Note 2022-33 dated May 10,  2022
 prepared  by  the  Office of the Actuary of the New York State Teachers'
 Retirement System and is intended for use only during the 2022  Legisla-
 tive Session. I, Richard A. Young, am the Chief 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 Actuaries to render the actuarial opinion contained herein.