Senate Bill S5618A

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5618--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              April 20, 2017
                                ___________
 
 Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06475-05-8

 S. 5618--A                          2
 
 immediately and be deemed to have been in full force and effect  on  and
 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.