S T A T E O F N E W Y O R K
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7657--A
2015-2016 Regular Sessions
I N A S S E M B L Y
May 21, 2015
___________
Introduced by M. of A. CAHILL -- read once and referred to the Committee
on Governmental Employees -- recommitted to the Committee on Govern-
mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT in relation to granting retroactive membership with tier 3 status
in the New York state teachers' retirement system to Victor Owen
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any provision of law to the contrary,
Victor Owen, who joined the New York state teachers' retirement system
as a Tier 4 member and pursuant to section 645 of the retirement and
social security law was reinstated to a Tier 3 membership and who was
subsequently employed as a behavioral specialist by the Ulster county
board of cooperative educational services (BOCES) and who, for reasons
not ascribable to his own negligence and despite being an active member
of the New York state teachers' retirement system since January 3, 1978,
did not receive credit for time served between August 29, 1994, and
August 20, 1996, shall be authorized to purchase such subsequent service
as if it were prior service, if within one year of the effective date of
this act Victor Owen files an application therefor with the head of the
New York state teachers' retirement system.
S 2. All remaining past service costs of implementing the provisions
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 Victor Owen, a Tier 3 member of the New York
State Teachers' Retirement System with a date of membership of January
3, 1978, to purchase subsequent service as if it were prior service when
he was employed as a behavioral specialist by the Ulster County Board of
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10420-06-6
A. 7657--A 2
Cooperative Educational Services (BOCES) between August 29, 1994 and
August 20, 1996. Mr. Owen must file a written request with the head of
the New York State Teachers' Retirement System within one year 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 $48,500. This cost would be
borne by the employers of members of the New York State Teachers'
Retirement System and by Mr. Owen. The employers of members of the New
York State Teachers' Retirement System would be responsible for approxi-
mately $43,700 and Mr. Owen for approximately $4,800.
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 2016-22 dated April 25,
2016 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2016 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.