Senate Bill S9412

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9412
 
                             I N  S E N A T E
 
                              March 10, 2026
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT granting retroactive membership in the New York  state  teachers'
   retirement system to Karen Schieber
 
   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 to the contrary,
 Karen Schieber, a tier V member of the New York state teachers'  retire-
 ment  system  employed  by  the Buffalo city school district and who was
 previously employed as a seasonal employee by the town  of  West  Seneca
 from  July 16, 1996 through September 16, 2002 and who, through no fault
 of her own, did not become a member of the  New  York  state  and  local
 employees'  retirement  system on July 16, 1996 when she became eligible
 for membership in such system, shall be deemed to have  joined  the  New
 York  state  and local employees' retirement system on the date July 16,
 1996 if, within one year of the effective date of this  act,  she  shall
 file  a  written  request  with the head of the New York state teachers'
 retirement system.
   § 2. No contributions made to the New York state teachers'  retirement
 system  by  Karen Schieber shall be returned or refunded to her pursuant
 to this act.
   § 3. All past service costs of implementing the provisions of this act
 shall be borne by the employers of members of the New York state  teach-
 ers' retirement system.
   § 4. 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 #14745-03-6.
 This bill would allow Karen Schieber, an active Tier 5 member of the New
 York State Teacher's Retirement System (NYSTRS) to be reclassified as  a
 Tier  4  member  with  a date of membership of July 16, 1996, based upon
 their employment as a seasonal employee with the town of West Seneca,  a
 participating  employer  in  the  New  York  State  and Local Employees'
 Retirement System. There shall be no  refund  of  member  contributions.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14745-04-6
 S. 9412                             2
 
 Karen Schieber must file a written request with the head of NYSTRS with-
 in one year of the effective date of this bill.
   Cost:
   The cost of this benefit is equal to the increase in the present value
 of  liabilities,  which  is  estimated to be $42,800. This cost would be
 borne by the employers of  members  of  the  New  York  State  Teachers'
 Retirement System.
   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.
   Fiscal Note Identification:
   This Fiscal Note, 2026-28, dated March 6, 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.