S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8364--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 12, 2017
                                ___________
 
 Introduced by M. of A. CURRAN -- 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 to authorize Joseph DelGiorno's eligibility to apply for military
   service credit in 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  subdivision  5  of  section  1000  of  the
 retirement  and  social security law, Joseph DelGiorno, a retired member
 of the New York state teachers' retirement  system,  having  retired  in
 1988;  and  who  served  in the United States military during the Korean
 conflict, shall be eligible to apply for military service credit in  the
 New  York state teachers' retirement system as otherwise provided pursu-
 ant to the provisions of section 1000 of the retirement and social secu-
 rity law, if, within one year of the effective  date  of  this  act,  he
 shall file a written request to that effect with such retirement system.
 Such benefit shall be recalculated as of the date of his retirement.
   § 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.--Pursuant to Legislative Law, Section 50:
   This bill would allow Joseph DelGiorno, a retired member  of  the  New
 York  State  Teachers' Retirement System, to apply for retirement credit
 for military service rendered during the Korean conflict. Mr.  DelGiorno
 must  file  a written request with the head of the New York State Teach-
 ers' Retirement System within one year of the  effective  date  of  this
 bill.  Additionally, Mr. DelGiorno must pay an amount equal to the prod-
 uct of the period of military service being claimed and three percent of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11914-03-8

 A. 8364--A                          2
 
 his  annual  full-time  rate  of  compensation immediately preceding his
 retirement. The increase in Mr.  DelGiorno's  pension  will  be  payable
 retroactively to his date of retirement.
   The cost of this benefit is equal to the increase in the present value
 of  liabilities,  which  is  estimated to be $38,800. This cost would be
 borne by the employers of  members  of  the  New  York  State  Teachers'
 Retirement  System and by Mr. DelGiorno. The employers of members of the
 New York State Teachers' Retirement  System  would  be  responsible  for
 approximately $37,000 and Mr. DelGiorno for approximately $1,800.
   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 2018-10 dated  January  29,
 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.