S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7598--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 3, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- 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 credit for certain graduate assistant, teacher
   assistant or teaching assistant work for the purposes of 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. Notwithstanding any other provisions of law to the  contra-
 ry,  a  member  of  the  New  York state teachers' retirement system who
 joined such system on or prior to July 1, 1992, shall  be  eligible  for
 credit  for  service,  if  service was rendered as a graduate assistant,
 teacher assistant or teaching assistant during the period July  1,  1982
 to  September  30,  1991  for  a state-operated institution or community
 college under the jurisdiction of the board of  trustees  of  the  state
 university  which participates in such system. Payments for such service
 shall be made by members subject to article 14 or 15 of  the  retirement
 and  social  security law in accordance with section 609 of such law, in
 the case of such service rendered prior  to  such  member  joining  such
 system,  provided  the member must be credited with two years of service
 credit at the time credit for such service is granted. Payments for such
 service shall be made by members subject to article  14  or  15  of  the
 retirement  and  social  security  law in accordance with section 613 of
 such law, in the case of such service rendered after such member  joined
 such  system,  together  with  interest  at the rate of five percent per
 annum from the date such service was rendered to the date of payment.
   § 2. This act shall take effect immediately; provided,  however,  that
 if  this act shall become a law after June 30, 2018 it shall take effect
 immediately and be deemed to have been in full force and effect  on  and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06475-06-8

 A. 7598--A                          2
 
 after  June  30,  2018.  Effective  immediately, the addition, amendment
 and/or repeal of any rules or regulations necessary for the  implementa-
 tion  of  this act on its effective date are authorized to be made on or
 before such date.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This  bill  would allow active members of the New York State Teachers'
 Retirement System with a date of membership on or prior to July 1,  1992
 to  receive service credit for service rendered as a graduate assistant,
 teacher assistant or teaching assistant during the period July  1,  1982
 to  September  30,  1991  for  a state-operated institution or community
 college under the jurisdiction of the board of  trustees  of  the  state
 university  which  is  a  participating  employer  of the New York State
 Teachers' Retirement System. Payments for such credit must  be  made  by
 those  members  subject to Article 14 or 15 of the Retirement and Social
 Security Law in accordance with section 609 of such law in the case such
 service was rendered prior to such member joining  the  New  York  State
 Teachers'  Retirement  System  provided  the member is credited with two
 years of service credit at the time credit for such service is  granted.
 Payments  for such credit must be made by those members subject to Arti-
 cle 14 or 15 of the Retirement and Social  Security  Law  in  accordance
 with section 613 of such law in the case such service was rendered after
 such  member  joined  the  New  York  State  Teachers' Retirement System
 together with interest at the rate of five percent per  annum  from  the
 date such service was rendered to the date of payment.
   It is not possible to determine the total annual cost to the employers
 of  members  of the New York State Teachers' Retirement System since the
 total amount of service credit which would be claimed  under  this  bill
 cannot  be  estimated.  However, the cost to the employers of members of
 the New York State  Teachers'  Retirement  System  is  estimated  to  be
 $23,200  per  year of service credited for Tier 1, 2, 3, 4 and 5 members
 and $18,000 per year of service credited for Tier 6 members if this bill
 is enacted. These costs would be offset by member payments  as  required
 under this bill if enacted.
   Member  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 2018-8  dated  January  22,
 2018  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2018 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.