S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5887
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  granting  retroactive membership with Tier IV status in the New
   York state teachers' retirement system to Peter Guarino
 
   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, Peter Guari-
 no,  who  was  employed  as  a  substitute teacher with the Lansing city
 school district, Newfield city school district and  Ithaca  city  school
 district  with  a  start  date of June 13, 2008, and who is currently an
 active member of the New York state  teachers'  retirement  system,  who
 through  no  fault  of  his  own did not become a member of the New York
 state teachers' retirement system on June 13, 2008 when  first  employed
 by  the  Lansing city school district, Newfield city school district and
 Ithaca city school district shall be deemed to have been a member of the
 New York state teachers' retirement system on such date he commenced his
 employment and shall be granted Tier IV status, provided that an  appli-
 cation is filed with the head of the New York state teachers' 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 Peter Guarino, an active Tier 5 member of the
 New York State Teachers' Retirement System (NYSTRS), to be  reclassified
 as  a  Tier  4  member with a date of membership of June 13, 2008, based
 upon his employment as a substitute teacher with the Lansing City School
 District, the Newfield City School District, and the Ithaca City  School
 District.  Mr.  Guarino must file a written request with the head of the
 NYSTRS within one year of the effective date of this bill.
   This bill would generate a cost equal to the increase in  the  present
 value  of liabilities, which is estimated to be $76,000. This cost is to

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03858-02-3
 A. 5887                             2
              

 
 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.
   The source of this estimate is Fiscal Note 2023-15 dated February  28,
 2023  prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for  use  only  during  the  2023
 Legislative  Session.  I, Richard A. Young, am the Chief Actuary for the
 New York State Teachers' Retirement System. I am a member of the  Ameri-
 can  Academy  of Actuaries and I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.