Assembly Bill A10604

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10604
 
                           I N  A S S E M B L Y
 
                               July 6, 2022
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of 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, 2022.
   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, 2022 to receive service credit for up  to
 149  days of unused accumulated sick leave. Additional credits are to be
 used in the calculation of retirement benefits, but not for meeting  any
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08566-03-2
              

 A. 10604                            2
 
 service or age requirements or in the computation of final average sala-
 ry.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System for this benefit is estimated to be $403,000
 or .002% of payroll 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
 Annual  Report.  System assets are as reported in the System's financial
 statements and can also be found in the System's Annual Report.  Actuar-
 ial assumptions and methods are provided in the System's Actuarial Valu-
 ation Report and the 2021 Actuarial Assumptions Report.
   The source of this estimate is Fiscal Note 2022-25 dated May 18,  2022
 prepared  by  the  Office of the Actuary of the New York State Teachers'
 Retirement System and is intended for use only during the 2022  Legisla-
 tive Session. I, Richard A. Young, am the Chief 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 Actuaries to render the actuarial opinion contained herein.