S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7618
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2017
                                ___________
 
 Introduced by M. of A. WALTER -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT to authorize Annlouise Cirelli to purchase service credit in the
   New York state teachers'  retirement  system  for  certain  employment
   out-of-state
 
   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,  Annlouise
 Cirelli,  a  retiree  of the New York state teachers' retirement system,
 who joined the retirement system as a tier four member and  pursuant  to
 section  645 of the retirement and social security law was reinstated to
 a tier one membership and who subsequently was employed as a teacher  by
 the  Cincinnati  Public School District from 1975 through 1981, and such
 service as if it had been performed for an employer defined in  subdivi-
 sion 3 of section 501 of the education law would constitute service as a
 teacher,  shall be authorized to purchase service credit in such retire-
 ment system for her employment by the Cincinnati Public School  District
 if,  within  180  days of the effective date of this act, she applies to
 the head of the New York  state  teachers'  retirement  system.    Under
 current  New  York  state law Ms. Cirelli, a tier one retiree of the New
 York state teachers' retirement system, is  not  permitted  to  purchase
 out-of-state  service since such service occurred subsequent to her date
 of membership in the New York state teachers' retirement system.
   § 2. All costs attributable to the implementation of this act shall be
 borne by the employers of  members  of  the  New  York  state  teachers'
 retirement system.
   § 3. This act shall take effect immediately.
   FISCAL  NOTE.  --  This  bill would allow Annlouise Cirelli, a retired
 Tier 1 member of the New York  State  Teachers'  Retirement  System,  to
 receive  service credit for her employment as a teacher with the Cincin-
 nati Public School District. The service credit will be  granted  as  if

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

                                                            LBD04753-02-7

 A. 7618                             2
 
 the service was performed for a participating employer defined in subdi-
 vision  3  of  section 501 of the Education Law. Tier 1 members can only
 receive out-of-state service credit for teaching service rendered  prior
 to their date of membership, provided a benefit will not be received for
 such  out-of-state  teaching  service  from another state or the federal
 government. Ms. Cirelli's pension would be recalculated with retroactive
 adjustment to payments made since her date  of  retirement  of  July  1,
 2013.  Ms.  Cirelli must file a written request with the head of the New
 York State Teachers' Retirement System within 180 days 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 $167,000. This cost is to be
 borne by the employers of  members  of  the  New  York  State  Teachers'
 Retirement System.
   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  2017-15  dated  March  31,
 2017  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2017 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.