S T A T E O F N E W Y O R K
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5657
2021-2022 Regular Sessions
I N A S S E M B L Y
February 22, 2021
___________
Introduced by M. of A. GRIFFIN -- read once and referred to the Commit-
tee on Governmental Employees
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 (legislative bill draft 03619-01-1) 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 Teachers' Retirement System within
one year of the effective date of this bill. Additionally, Mr. DelGiorno
must pay an amount equal to the product of the period of military
service being claimed and three percent of his annual full-time rate of
compensation immediately preceding his retirement with interest. The
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03619-02-1
A. 5657 2
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 $38,600. 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 $29,400 and Mr. DelGiorno for approximately $9,200.
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 2021-8 dated February 16,
2021 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2021 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.