Senate Bill S5290A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5290--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 Introduced  by  Sen.  WEIK  --  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 granting retroactive retirement membership in the New York state
   teachers' retirement system to Eileen Saumell
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Notwithstanding any other provision of law, Eileen Saumell
 who is currently working at the  West  Babylon  school  district  and  a
 member  of  the  New  York  state  teachers'  retirement system, who was
 employed as a full-time employee  of  the  Nassau  County  Demonstration
 Project,  a  non-participating  employer  of  the  New York state public
 retirement systems, with a start date of August 8, 1994 until August 27,
 2004, and at that time a member of the United  Jewish  Appeal-Federation
 of  Jewish  Philanthropies  of New York, Inc. Retirement Plan, could not
 become a member of one of the New York state public  retirement  systems
 on August 8, 1994, shall be granted service credit in the New York state
 teachers'  retirement  system  for her employment with the Nassau County
 Demonstration Project for the period of August 8, 1994 until August  27,
 2004,  provided  that  an  application  is filed with the New York state
 teachers' retirement system within one year from the effective  date  of
 this act.
   § 2. Eileen Saumell shall not be entitled to receive any pension bene-
 fits  otherwise  due  to  her  by the United Jewish Appeal-Federation of
 Jewish Philanthropies of New York, Inc. Retirement Plan, and no contrib-
 utions made to the United Jewish Appeal-Federation of Jewish Philanthro-
 pies of New York, Inc.  Retirement  Plan  by  Eileen  Saumell  shall  be
 returned or refunded to her pursuant to this act.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01258-03-4
              

 S. 5290--A                          2
 
   § 3. All past service costs associated with the implementation of this
 act shall be borne by Nassau County.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow Eileen Saumell, an active member of the New York
 State Teachers' Retirement System with Tier 4 status, to receive service
 credit for the period August 8, 1994 until August 27, 2004 while she was
 employed with the Nassau County Demonstration Project, a non-participat-
 ing employer of the New York State public retirement systems. During Ms.
 Saumell's  employment  with the Nassau County Demonstration Project, she
 was a member of the United Jewish Appeal-Federation  of  Jewish  Philan-
 thropies of New York, Inc. Retirement Plan and could not become a member
 of  one  of  the New York State public retirement systems. Contributions
 made to the United Jewish Appeal-Federation of Jewish Philanthropies  of
 New  York,  Inc. Retirement Plan by Ms. Saumell shall not be returned or
 refunded to her pursuant to this bill. Ms. Saumell 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 $463,000. This  cost  would  be
 borne  by  the  county of Nassau. Granting service credit for employment
 with an organization that may potentially be considered a non-governmen-
 tal or private employer could jeopardize the System's governmental  plan
 status  and  its  exemption from ERISA which could result in the loss of
 tax-qualified status.
   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,
 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 2024-14 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.