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A07598 Summary:

BILL NOA07598
 
SAME ASSAME AS S05618
 
SPONSORAbbate
 
COSPNSR
 
MLTSPNSR
 
 
Grants credit for certain service in the teachers' retirement system for teacher assistants.
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A07598 Actions:

BILL NOA07598
 
05/03/2017referred to governmental employees
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A07598 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7598
 
SPONSOR: Abbate
  TITLE OF BILL: An act in relation to credit for certain graduate assistant, teacher assistant or teaching assistant work for the purposes of the New York state teachers' retirement system   PURPOSE OR GENERAL IDEA OF BILL: This bill would allow active members of the Teachers' Retirement System with a date of membership prior to July 1, 1992 who served as a graduate assistant, teacher assistant or teaching assistant during the period of July 1, 1982 and September 30, 1991 for a state operated institution or community college to purchase and receive retirement credit.   SUMMARY OF SPECIFIC PROVISIONS: Section 1 would allow active members of the Teachers' Retirement System with a date of membership prior to July 1, 1992 who served as a graduate assistant, teacher assistant or teaching assistant during the period of July 1, 1982 and September 30, 1991 for a state operated institution or community college to purchase and receive retirement credit. Section 2 is the effective date.   JUSTIFICATION: A recent change at the NYSTRS allowed for members to be eligible to receive prior service credit for service that preceded their NYSTS date of membership for work as certain graduate assistant, teacher assistant or teaching assistant at a state operated institution or community college. However, this change does not cover an individual who may have already been a member and then was employed as certain graduate assist- ant, teacher assistant or teaching assistant at a state operated insti- tution or community college. This legislation seeks to correct this unintended interpretation of the law, but allowing the NYSTRS to offer this benefit to both sets of indi- viduals.   PRIOR LEGISLATIVE HISTORY: New Bill.   FISCAL IMPLICATIONS: See fiscal note.   EFFECTIVE: This act shall take effect immediately.
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A07598 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7598
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                       May 3, 2017
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
 
        AN  ACT  in  relation  to credit for certain graduate assistant, teacher
          assistant or teaching assistant work for the purposes of 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:
 
     1    Section 1. Notwithstanding any other provisions of law to the  contra-
     2  ry,  a  member  of  the  New  York state teachers' retirement system who
     3  joined such system on or prior to July 1, 1992, shall  be  eligible  for
     4  credit  for  service,  if  service was rendered as a graduate assistant,
     5  teacher assistant or teaching assistant during the period July  1,  1982
     6  to  September  30,  1991  for  a state-operated institution or community
     7  college under the jurisdiction of the board of  trustees  of  the  state
     8  university  which participates in such system. Payments for such service
     9  shall be made by members subject to article 14 or 15 of  the  retirement
    10  and  social  security law in accordance with section 609 of such law, in
    11  the case of such service rendered prior  to  such  member  joining  such
    12  system,  provided  the member must be credited with two years of service
    13  credit at the time credit for such service is granted. Payments for such
    14  service shall be made by members subject to article  14  or  15  of  the
    15  retirement  and  social  security  law in accordance with section 613 of
    16  such law, in the case of such service rendered after such member  joined
    17  such  system,  together  with  interest  at the rate of five percent per
    18  annum from the date such service was rendered to the date of payment.
    19    § 2. This act shall take effect immediately; provided,  however,  that
    20  if  this act shall become a law after June 30, 2017 it shall take effect
    21  immediately and be deemed to have been in full force and effect  on  and
    22  after  June  30,  2017.  Effective  immediately, the addition, amendment
    23  and/or repeal of any rules or regulations necessary for the  implementa-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06475-04-7

        A. 7598                             2
 
     1  tion  of  this act on its effective date are authorized to be made on or
     2  before such date.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  would allow active members of the New York State Teachers'
        Retirement System with a date of membership on or prior to July 1,  1992
        to  receive service credit for service rendered as a graduate assistant,
        teacher assistant or teaching assistant during the period July  1,  1982
        to  September  30,  1991  to  a  state-operated institution or community
        college under the jurisdiction of the board of  trustees  of  the  state
        university  which  is  a  participating  employer  of the New York State
        Teachers' Retirement System. Payments for such credit must  be  made  by
        those  members  subject to Article 14 or 15 of the Retirement and Social
        Security Law in accordance with section 609 of such law in the case such
        service was rendered prior to such member joining  the  New  York  State
        Teachers'  Retirement  System  provided  the member is credited with two
        years of service credit at the time credit for such service is  granted.
        Payments  for such credit must be made by those members subject to Arti-
        cle 14 or 15 of the Retirement and Social  Security  Law  in  accordance
        with section 613 of such law in the case such service was rendered after
        such  member  joined  the  New  York  State  Teachers' Retirement System
        together with interest at the rate of five percent per  annum  from  the
        date such service was rendered to the date of payment.
          It is not possible to determine the total annual cost to the employers
        of  members  of the New York State Teachers' Retirement System since the
        total amount of service credit which would be claimed  under  this  bill
        cannot  be  estimated.  However, the cost to the employers of members of
        the New York State  Teachers'  Retirement  System  is  estimated  to  be
        $22,200  per  year of service credited for Tier 1, 2, 3, 4 and 5 members
        and $17,300 per year of service credited for Tier 6 members if this bill
        is enacted. These costs would be offset by member payments  as  required
        under this bill if enacted.
          Employee  data  is  from  the System's most recent actuarial valuation
        files, consisting of data provided by the employers  to  the  Retirement
        System.  Data  distributions and statistics can be found in the System's
        Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
        reported  in the System's financial statements, and can also be found in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The source of this estimate is Fiscal Note  2017-20  dated  April  17,
        2017  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2017 Legislative Session.
        I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
        Retirement  System.  I  am a member of the American Academy of Actuaries
        and I meet the Qualification Standards of the American Academy of  Actu-
        aries to render the actuarial opinion contained herein.
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