Assembly Bill A8048

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

                                  8048

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 5, 2015
                               ___________

Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
  tee on Governmental Employees

AN  ACT to authorize Leila El-Chehabi to apply for 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.  1.  Notwithstanding  any  other  provision  of law, Leila
El-Chehabi, a member of the New York state teachers'  retirement  system
since  1982,  who  worked  as  a full-time teacher for the United States
Department of Defense Dependent Schools at Bitburg  Air  Force  Base  in
Bitburg,  Germany  from  1987  until  1992, shall be entitled to receive
service credit in such retirement system for her time  working  for  the
United  States  government  if,  on or before December 31, 2015 she: (1)
shall file a request to such effect with the New  York  state  teachers'
retirement  system;  and  (2)  shall pay to the New York state teachers'
retirement system an amount which such  member  would  have  contributed
during  such  period, together with any interest thereon.  The crediting
of service pursuant to this act shall be substantially equivalent to the
crediting of service in accordance with articles 14 or 15 of the retire-
ment and social security law. Provided, however, no such credit shall be
allowed for any service for which Leila El-Chehabi is receiving a  bene-
fit  or  will  be  entitled to receive a benefit at any future time from
some other public or private retirement system or plan in this state  or
in any other state or from the federal government.
  2.  Nothing  in  this  act  shall  authorize or require the retirement
system to credit service where not permitted by section  415(n)  of  the
Internal Revenue Code or any regulations promulgated thereunder.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would  allow Leila El-Chehabi, an active member of the New
York State Teachers' Retirement System with Tier 3 status,  to  purchase

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10238-04-5
              

A. 8048                             2

subsequent  service  credit  from  her employment with the United States
Department of Defense Dependent Schools at Bitburg  Air  Force  Base  in
Bitburg,  Germany  from  1987  until  1992.  However, no credit shall be
allowed  for  any  service  for  which she will be entitled to receive a
benefit from another retirement system. Ms. El-Chahabi must file a writ-
ten request with the head of the New  York  State  Teachers'  Retirement
System on or before December 31, 2015 to that effect.
  The cost of this benefit is equal to the increase in the present value
of  liabilities,  which  is estimated to be $125,000. This cost would be
borne by the employers of  members  of  the  New  York  State  Teachers'
Retirement System and by Ms. El-Chehabi. The employers of members of the
New  York  State  Teachers'  Retirement  System would be responsible for
approximately $109,500 and Ms. El-Chehabi for approximately $15,500.
  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 2015-31 dated May 26, 2015
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2015 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.