Senate Bill S4953A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4953--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 Introduced  by Sen. KAMINSKY -- 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 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 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 Teach-
 ers' Retirement System within one year of the  effective  date  of  this
 bill. Additionally, as required by law for members applying for military

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03619-03-2
              

 S. 4953--A                          2
 
 service credit, 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  retire-
 ment.  The  increase in Mr. DelGiorno's pension will be payable retroac-
 tively to his date of retirement.
   The cost of this benefit is equal to the net increase in  the  present
 value of liabilities, which is estimated to be $32,000.  This cost would
 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. Actuari-
 al 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 2022-43 dated May 19, 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 Amer-
 ican Academy of Actuaries to  render  the  actuarial  opinion  contained
 herein.