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Assembly Bill A10294

2009-2010 Legislative Session

Provides Joseph DelGiorno the opportunity to purchase retirement credit for time in U.S. military service during the Korean conflict

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Archive: Last Bill Status - In Assembly Committee

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2009-A10294 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement

2009-A10294 (ACTIVE) - Summary

Provides Joseph DelGiorno the opportunity to purchase retirement credit for time in U.S. military service during the Korean conflict.

2009-A10294 (ACTIVE) - Sponsor Memo

2009-A10294 (ACTIVE) - Bill Text download pdf 

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

                                  10294

                          I N  A S S E M B L Y

                             March 17, 2010
                               ___________

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

AN ACT in relation to providing retirement credit  to  Joseph  DelGiorno
  for military service during the Korean conflict

  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, Joseph DelGior-
no, a retired member of the New York state teachers' retirement  system,
having  retired  in  1988;  and who served in the United States military
during the Korean conflict; shall be entitled to receive credit for  his
time  of  Korean conflict service if, on or before December 31, 2010 he:
(1) shall file a request to such effect with the head of  the  New  York
state  teachers'  retirement  system;  and (2) shall pay to the New York
state teachers' retirement system an amount equal to the product of  the
number  of  years of military service being claimed and three percent of
his annual rate of compensation immediately preceding his retirement.
  S 2. This act shall take effect immediately, and the increase in bene-
fits shall begin on and after such effective date.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would allow Joseph DelGiorno, a retired member  of  the  New
York  State  Teachers'  Retirement System, to purchase retirement credit
for military service rendered during the Korean conflict. Mr.  DelGiorno
must  file  a written request with the head of the New York State Teach-
ers' Retirement System on or before December 31, 2010. Additionally, Mr.
DelGiorno must pay an amount equal to the product of the period of mili-
tary service being claimed and three percent  of  his  annual  full-time
rate  of compensation immediately preceding his retirement. The increase
in Mr. DelGiorno's pension will be payable prospectively.
  The cost of this benefit is equal to the net increase in  the  present
value of liabilities, which is estimated to be $5,500.
  The  source  of  this  estimate is Fiscal Note 2010-12 dated March 10,
2010 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2010 Legislative Session.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07283-02-0

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