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.