Assembly Bill A9980

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9980
 
                           I N  A S S E M B L Y
 
                               March 4, 2020
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to  amend the education law, in relation to providing a 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. Section 509 of the education law is amended by adding a new
 subdivision 13 to read as follows:
   13.  A.  IN ADDITION TO ANY OTHER SERVICE CREDIT TO WHICH HE OR SHE IS
 ENTITLED, A MEMBER SUBJECT TO THIS ARTICLE OR  TO  ARTICLE  FOURTEEN  OR
 FIFTEEN OF THE RETIREMENT AND SOCIAL SECURITY LAW WHO MEETS THE REQUIRE-
 MENTS  SET FORTH IN PARAGRAPH B OF THIS SUBDIVISION SHALL BE GRANTED ONE
 DAY OF ADDITIONAL SERVICE CREDIT FOR EACH DAY OF ACCUMULATED UNUSED SICK
 LEAVE WHICH HE OR SHE HAS AT TIME OF RETIREMENT FOR  SERVICE,  BUT  SUCH
 CREDIT  SHALL NOT (1) EXCEED ONE HUNDRED FORTY-NINE DAYS; (2) BE CONSID-
 ERED IN MEETING ANY SERVICE OR AGE REQUIREMENTS PRESCRIBED IN THIS CHAP-
 TER; AND (3) BE CONSIDERED IN COMPUTING FINAL AVERAGE SALARY.
   B. SUCH SERVICE RETIREMENT CREDIT SHALL BE GRANTED ONLY TO MEMBERS  OF
 THE  NEW  YORK  STATE  TEACHERS'  RETIREMENT SYSTEM IN THE EMPLOY OF THE
 STATE EDUCATION DEPARTMENT IN THE  COLLECTIVE  NEGOTIATING  UNIT  ESTAB-
 LISHED  BY  ARTICLE  FOURTEEN  OF  THE  CIVIL SERVICE LAW DESIGNATED THE
 PROFESSIONAL, SCIENTIFIC AND  TECHNICAL  SERVICES  UNIT  WHO,  PRIOR  TO
 RETIREMENT, WERE SUBJECT TO A PLAN ESTABLISHED BY LAW, RULE, REGULATION,
 WRITTEN  ORDER  OR  WRITTEN POLICY THAT PROVIDED FOR THE REGULAR EARNING
 AND ACCUMULATION OF SICK LEAVE.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after June 30, 2020.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would allow certain eligible members of the New York State
 Teachers' Retirement System employed in the State  Education  Department
 who  retire on or after July 1, 2020 to receive service credit for up to
 149 days of unused accumulated sick leave. Such additional credit is  to
 be  used  in the calculation of retirement benefits, but not for meeting
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15496-03-0

 A. 9980                             2
 
 any service or age requirements or in the computation of  final  average
 salary.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System is estimated to be negligible if  this  bill
 is 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 2020-4 dated  February  25,
 2020  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2020 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.