Senate Bill S9100

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9100
 
                             I N  S E N A T E
 
                             February 3, 2026
                                ___________
 
 Introduced  by Sen. HARCKHAM -- 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 Tina Russo 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,  Tina
 Russo,  a  member of the New York state teachers' retirement system, who
 retired on February 1, 2025, after serving as a teacher for the state of
 New York for thirty years and whose full-time service credit was  calcu-
 lated  incorrectly,  through no fault of her own, shall have her pension
 with the New York state  teachers'  retirement  system  recalculated  to
 include  the  entirety  of  her full-time service credit of thirty years
 pursuant to article fifteen of the retirement and social  security  law,
 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. 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  employers of the members of the New York state teachers'
 retirement system.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   Bill Description:
   This fiscal note is prepared for legislative bill  draft  #14501-03-6.
 This  bill  would  allow  Tina Russo, a retired Tier 4 member of the New
 York State Teachers' Retirement System, to recalculate her pension based
 on thirty years of service credit. Ms.  Russo rendered and  is  credited
 with 29 years and 7 months of service. This bill would provide Ms. Russo
 with  additional service credit to get her to 30 years with recalculated
 adjustments to payments made retroactive to her date  of  retirement  of
 February  1,  2025. Ms.  Russo 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.
   Cost:
   The cost of this benefit is estimated to be $286,000 which is equal to
 the increase in the present value of liabilities. This  cost  is  to  be
              

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14501-04-6
 S. 9100                             2
 
 borne  by  the  participating  employers of the New York State Teachers'
 Retirement System.
   This bill is inconsistent with NYSTRS policy of granting service cred-
 it only for actual services rendered and number of eligible paid work or
 leave days reported to the System by NYSTRS participating employers.
   Data:
   Member data as of June 30, 2025, prepared for the most recent actuari-
 al  valuation  was  used  in determining this cost. The most recent data
 distributions and statistics can be found in the System's Annual  Report
 for  the  fiscal year ended June 30, 2025. System assets are as reported
 in the System's financial statements which can be found in the  System's
 Annual Report. This data will also be provided in the System's Actuarial
 Valuation Report as of June 30, 2025.
   Methods and Assumptions:
   A summary of actuarial assumptions and methods will be provided in the
 System's Actuarial Valuation Report as of June 30, 2025. Further details
 can  be  found in the most recent Recommended Actuarial Assumptions 2025
 Report.
   Actuarial Certification:
   We, the undersigned actuaries for the New York State Teachers' Retire-
 ment System, certify the following:
   1. The actuarial assumptions, methods, and data  used  are  reasonable
 for  the  purposes of this fiscal note, internally consistent and are in
 accordance with standards of practice prescribed by the Actuarial Stand-
 ards Board and generally accepted actuarial principles and procedures.
   2. We relied on member data supplied by the participating employers of
 the New York State Teachers' Retirement System and assets as supplied in
 the annual Financial Statements by NYSTRS' Finance Department.
   3. Results were prepared based on our  current  understanding  of  the
 proposal  as  of  the  date  of this fiscal note. If the language or our
 understanding of the proposal changes,  the  results  could  change  and
 require  the  issuance  of a new fiscal note.  The next annual update of
 the actuarial valuation could also produce  different  results.  Results
 should not be relied upon for any other purpose.
   4.  This  fiscal  note  was prepared in accordance with New York State
 Retirement and Social Security Law, New York State Education Law, appli-
 cable Internal Revenue Code, and accepted actuarial standards  of  prac-
 tice  as  of  the  date  of  this fiscal note. This fiscal note does not
 constitute  a  legal  opinion  on  the  viability  of  this  legislative
 proposal.
   5. We are members of the American Academy of Actuaries and the Society
 of  Actuaries,  and  we meet the Qualification Standards of the American
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 We  are currently compliant with the Continuing Professional Development
 Requirement of the Society of Actuaries.
 
 Melody Prangley     Heather Marks                Thomas M. King
 Chief Actuary       Director - Actuarial         Director - Actuarial
                     Valuation                    Risk
 
   Fiscal Note Identification:
   This Fiscal Note, 2026-12, dated January 29, 2026, was prepared by the
 Office of the Actuary of the New York State Teachers' Retirement  System
 and is intended for use only during the 2026 Legislative Session.