Assembly Bill A6415

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

                                  6415

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

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

AN ACT in relation to granting Tier I  status  in  the  New  York  state
  teachers' retirement system to Karen Siris

  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,  Karen  Siris,
who  is  employed as the principal of W.S. Boardman Elementary School in
the Oceanside Union Free School District, and who has been a  member  of
the  New  York state teachers' retirement system since 1986 with Tier IV
status, and who, for the school year ending June 30, 1972, was  employed
as  a  substitute  teacher in school District 16 - Bedford-Stuyvesant in
the borough of Brooklyn for twenty-one days, and who, was  eligible  for
retroactive  membership  in  such  retirement  system with Tier I status
pursuant to chapter 106 of the laws of 2002, and who,  for  reasons  not
ascribable  to her own negligence failed to meet the deadline for filing
an application for such retroactive membership, shall be granted  retro-
active membership in the New York state teachers' retirement system with
Tier  I status if on or before December 31, 2015, she shall make a writ-
ten application to that  effect,  duly  executed  and  filed  with  such
retirement system.
  S 2. All costs associated with the implementation of this act shall be
borne  by  the  employers  of  members  of  the New York state teachers'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This bill would allow Karen Siris, a member  of  the  New  York  State
Teachers'  Retirement System with Tier 4 status, to be reclassified as a
Tier 1 member with all rights, benefits, and privileges which  would  be
available  to  her  as  a Tier 1 member. Her date of membership would be
changed based upon her employment as a substitute  teacher  with  School

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08238-02-5
              

A. 6415                             2

District  16  in the borough of Brooklyn during the 1971-72 school year.
Ms. Siris must file a written request with the  head  of  the  New  York
State Teachers' Retirement System on or before December 31, 2015.
  The cost of this benefit is equal to the increase in the present value
of benefits, which is estimated to be $154,000.
  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  2015-14  dated  March  11,
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.