Senate Bill S10475

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10475
 
                             I N  S E N A T E
 
                               May 15, 2026
                                ___________
 
 Introduced  by  Sen.  CANZONERI-FITZPATRICK  --  read  twice and ordered
   printed, and when printed to be committed to the  Committee  on  Civil
   Service and Pensions
 
 AN  ACT  in  relation  to authorizing Aileen Monahan to transfer certain
   service credit to 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 other provision of law, Aileen Monahan,
 a  member  of the New York state teachers' retirement system who retired
 on April 30, 2025 with 18.5 years of service, and who was also previous-
 ly a member of the New York state and local employees' retirement system
 with 2.3 years of service, and who, for reasons not  ascribable  to  her
 own  negligence,  was  not  granted a transfer of service credit for her
 membership in the New York state and local employees' retirement system,
 shall be permitted to transfer such service credit to the New York state
 teachers' retirement system, and shall have her  pension  with  the  New
 York  state  teachers'  retirement  system  recalculated  to include the
 entirety of her service credits, if she files a request to  that  effect
 with  the  state  comptroller within one year from the effective date of
 this act. The increase in pension benefit shall be  payable  retroactive
 to her date of retirement.
   § 2. All costs associated with the implementation 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 permit Aileen Monahan, a retiree of the New York State
 TeachersÆ  Retirement  System (NYSTRS), to transfer 2.3 years of service
 credit earned in the New York  State  and  Local  Employees'  Retirement
 System (NYSLERS) to NYSTRS and have their pension benefit recalculated.
   Insofar  as this bill affects NYSLERS, if enacted into law, there will
 be no additional cost to NYSLERS.
   Summary of relevant resources:
   Membership data as of March 31, 2025 was used to measure the impact of
 the bill, the same data used in the Actuarial Valuations dated April  1,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14983-02-6
 S. 10475                            2
 
 2025. Distributions and other statistics can be found in the 2025 Report
 of  the  Actuary and the 2025 Annual Comprehensive Financial Report. The
 actuarial assumptions and methods used are described in the 2025  Annual
 Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
 and  Regulations  of  the State of New York: Audit and Control. The fair
 value of assets and GASB disclosures can be found in the 2025  Financial
 Statements and Supplementary Information.
   Assumptions,  demographics,  and  other  considerations  may have been
 modified to better reflect specific provisions of any  proposed  benefit
 change(s).
   This  fiscal note does not constitute a legal opinion on the viability
 of the bill, nor is it intended to serve as a substitute for the profes-
 sional judgment of an attorney.
   This estimate, dated May 13, 2026, and intended for  use  only  during
 the  2026  Legislative Session, is Fiscal Note Number 2026-195. As Chief
 Actuary of the New York State and Local Retirement System  (NYSLRS),  I,
 Aaron  Schottin  Young,  hereby certify that this analysis complies with
 applicable Actuarial Standards of  Practice  as  well  as  the  Code  of
 Professional  Conduct  and Qualification Standards for Actuaries Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which I am a member. I am a member of  NYSLRS  but  do  not  believe  it
 impairs my objectivity.