Senate Bill S5330A

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

                                 5330--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 6, 2011
                               ___________

Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
  accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT to authorize Kim F. Salinovich to purchase service credit in the
  New York state teachers' retirement system for certain employment as a
  high school equivalency instructor

  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, Kim F. Salino-
vich, a retired member  of  the  New  York  state  teachers'  retirement
system,  who was employed as a high school equivalency instructor by the
Hudson Valley Opportunities Industrialization Center from November  1979
through  August  1981 and November 1982 through August 1987, and such if
it had been performed for  an  employer  defined  in  subdivision  3  of
section  501 of the education law would constitute service as a teacher,
shall be authorized to purchase service credit in such retirement system
for her employment by the Hudson Valley Opportunities  Industrialization
Center  if,  within  180  days  of  the  effective date of this act, she
applies to the head of the New York state teachers' retirement system.
  Ms. Salinovich shall be required to pay to the New York  state  teach-
ers'  retirement  system  an amount equal to three percent of the salary
she received for the period  of  service  being  claimed,  with  regular
interest  thereon,  from  the  school  years  in  which  the service was
rendered to the date of purchase.
  S 2. All costs attributable to the implementation of this  act,  other
than  the costs to be borne by Kim F. Salinovich pursuant to section one
of this act, shall be borne by the employers of members of the New  York
state teachers' retirement system.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09814-03-2
              

S. 5330--A                          2

  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--This  bill  would  allow  Kim  F. Salinovich, a retired
member of the New York State Teachers' Retirement  System,  to  purchase
service  credit  for time worked as a high school equivalency instructor
at Hudson Valley Opportunities  Industrialization  Center,  Inc.    from
November 1979 through August 1981 and November 1982 through August 1987.
The service credit will be granted as if the service was performed for a
participating  employer  defined  in subdivision 3 of section 501 of the
Education Law. Ms. Salinovich will be required to pay three  percent  of
salary  received  for  the  period of service being claimed with regular
interest thereon.  Ms. Salinovich's pension would be  recalculated  with
retroactive  adjustment to payments made since her date of retirement of
July 1, 2011.  Ms. Salinovich must file a written request with the  head
of the New York State Teachers' Retirement System within 180 days of the
effective date of this bill.
  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $303,000.
  The  source  of this estimate is Fiscal Note 2012-27 dated May 1, 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,  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.