Senate Bill S4490

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4490
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 5, 2025
                                ___________
 
 Introduced  by  Sen. HELMING -- 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 Christine  Hasseler  to  apply  for  a
   recalculation of her retirement benefits
 
   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,
 Christine  Hasseler,  who joined the New York state teachers' retirement
 system as a Tier 1 member on September 1, 1970, who  retired  from  such
 system on August 12, 2004, and who for reasons not ascribable to her own
 negligence,  did  not receive her retirement incentive payments from her
 employer by the deadline,  shall  have  her  final  average  salary  and
 pension benefit recalculated to include such payments, without regard to
 the  actual date of the receipt of such payments.  The increase in bene-
 fit will be payable retroactive to her date of retirement.
   § 2. All costs of implementing the provisions 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 Christine Hasseler, a retired Tier 1  member  of
 the  New  York  State  Teachers' Retirement System (NYSTRS), to have her
 pension benefit recalculated to include  retirement  incentive  payments
 she received regardless of when those retirement incentive payments were
 made.  Ms.  Hasseler's  pension  would  be recalculated with retroactive
 adjustment to payments made since her date of retirement of  August  12,
 2004.
   The cost of this benefit is equal to the increase in the present value
 of  liabilities,  which  is  estimated to be $66,000. This cost would be
 borne by the employers of  members  of  the  New  York  State  Teachers'
 Retirement System.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01080-02-5
              

 S. 4490                             2
 
   Member data is from the System's most recent actuarial valuation files
 as of June 30, 2024, 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,
 2024. 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 will be provided in the System's  Actuarial  Valuation
 Report as of June 30, 2024.
   The  source  of  this estimate is Fiscal Note 2025-2 dated February 4,
 2025 prepared by the Office of the Actuary of the New York State  Teach-
 ers'  Retirement  System  and  is  intended for use only during the 2025
 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.