S T A T E O F N E W Y O R K
________________________________________________________________________
5814--A
2021-2022 Regular Sessions
I N A S S E M B L Y
February 25, 2021
___________
Introduced by M. of A. BROWN -- 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 granting retroactive membership with Tier II status in the New
York state teachers' retirement system to Lori Cohen
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any other law to the contrary, Lori Cohen,
who was employed as a substitute teacher with the Oceanside school
district and Rockville Centre school district with a start date of July
1, 1975, and who is currently a retired member of the New York state
teachers' retirement system, who through no fault of her own did not
become a member of the New York state teachers' retirement system on
July 1, 1975 when first employed by the Oceanside school district and
Rockville Centre school district shall be deemed to have been a member
of the New York state teachers' retirement system on such date she
commenced her employment and shall be granted Tier II status, provided
that an application is filed with the head of the New York state teach-
ers' retirement system within one year from the effective date of this
act.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Lori Cohen, a retired Tier 3 member of the New
York State Teachers' Retirement System, to be reclassified as a Tier 2
member. Her date of membership would be changed based upon her employ-
ment as a substitute teacher with the Oceanside School District and the
Rockville Centre School District which commenced on July 1, 1975. Upon
reclassification as a Tier 2 member, Ms. Cohen's pension would be recal-
culated with retroactive adjustment to payments made since her date of
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03945-06-1
A. 5814--A 2
retirement of July 1, 2018. Additionally, she would be refunded the
member contributions she made under Tier 3 as well as her prior service
payment. Ms. Cohen 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.
The cost of this benefit is equal to the increase in the present value
of liabilities plus retroactive monthly payments, and the refund of
member contributions and prior service payments, which is estimated to
be $235,000. This cost is to be borne by the employers of members of the
New York State Teachers' Retirement System.
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. Actu-
arial assumptions and methods are provided in the System's Actuarial
Valuation Report.
The source of this estimate is Fiscal Note 2022-3 dated December 9,
2021 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2022 Legislative Session.
I, Richard A. Young, am the Chief Actuary for the New York State Teach-
ers' Retirement System. I am a member of the American Academy of Actuar-
ies and I meet the Qualification Standards of the American Academy of
Actuaries to render the actuarial opinion contained herein.