S T A T E O F N E W Y O R K
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10201
I N A S S E M B L Y
May 10, 2012
___________
Introduced by M. of A. ABBATE -- (at request of the New York State
Teachers' Retirement System) -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
making a technical change to reflect the New York state teachers'
retirement system plan year
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraph of subdivision g of section 613 of
the retirement and social security law, as amended by chapter 18 of the
laws of 2012, is amended to read as follows:
Members who first join the New York state teachers' retirement system
on or after January first, two thousand ten shall contribute three and
one-half percent of annual wages to the New York state teachers' retire-
ment system, except that beginning [April] JULY first, two thousand
thirteen for members who first become members of the New York state
teachers' retirement system on or after April first, two thousand
twelve, the rate at which each such member shall contribute in any
current plan year (July first to June thirtieth) shall be determined by
reference to the wages of such member in the second plan year (July
first to June thirtieth) preceding such current plan year as follows:
S 2. This act shall take effect immediately and shall be deemed to
have been in full force and effect on and after April 1, 2012.
FISCAL NOTE.--Pursuant to Legislative Law Section 50, the fiscal note
that must be appended in its entirely to this bill is:
This bill would amend subdivision g of section 613 of the Retirement
and Social Security Law, as amended by Chapter 18 of the Laws of 2012,
to change the effective date of the new Tier 6 employee contribution
rate schedule from April 1, 2013 to July 1, 2013, to agree with the New
York State Teachers' Retirement System's fiscal year of July 1st to June
30th.
It is estimated that there will be no annual cost to the employers of
members of the New York State Teachers' Retirement System if this bill
is enacted.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15831-01-2
A. 10201 2
The source of this estimate is Fiscal Note 2012-30 dated May 2, 2012
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2012 Legislative Session.
I, Richard A. Young, an 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.