Assembly Bill A9494

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9494
 
                           I N  A S S E M B L Y
 
                              March 14, 2024
                                ___________
 
 Introduced  by  M.  of  A. SANTABARBARA -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT in relation to authorizing  Susan  Ruscitto  to  receive  certain
   service credit with 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 any provision of law to the contrary, Susan
 Ruscitto, who retired from  the  New  York  state  teachers'  retirement
 system on October 1, 2021 and whom, through no fault of her own, had her
 full-time  service  credit calculated to be 19 years and 8 months, shall
 have her pension with the New York  state  teachers'  retirement  system
 recalculated  to include additional full-time service credit for a total
 of 20 years and 2 months, on or before one year after the effective date
 of this act, if she shall file a written request to that effect with the
 New York state teachers' retirement system.
   § 2. All costs associated with implementing the provisions of this act
 shall be borne by 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 credit Susan Ruscitto, a retired  member  of  the  New
 York  State  Teachers' Retirement System, with additional service credit
 and her pension would be recalculated with total service  credit  of  20
 years and 2 months. She currently is credited with 19 years and 8 months
 of  service.   Ms. Ruscitto 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,  which  is  estimated to be $26,000. 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
 as of June 30, 2023, consisting of data provided by the employers to the
 Retirement System. The most recent data distributions and statistics can
 be  found  in  the System's Annual Report for fiscal year ended June 30,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13862-02-4
 A. 9494                             2
 
 2023. System assets are as reported in the System's financial statements
 and can also be found in the System's Annual Report.  Actuarial  assump-
 tions  and  methods  are  provided  in  the System's Actuarial Valuation
 Report as of June 30, 2023.
   The  source  of this estimate is Fiscal Note 2024-12 dated February 8,
 2024 prepared by the Office of the Actuary of the New York State  Teach-
 ers'  Retirement  System  and  is  intended for use only during the 2024
 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.