STATE OF NEW YORK
________________________________________________________________________
9129
IN SENATE
April 29, 2024
___________
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:
1 Section 1. Notwithstanding any provision of law to the contrary,
2 Christine Hasseler, who joined the New York state teachers' retirement
3 system as a Tier 1 member on September 1, 1970, who retired from such
4 system on August 12, 2004, and who for reasons not ascribable to her own
5 negligence, did not receive her retirement incentive payments from her
6 employer by the deadline, shall have her final average salary and
7 pension benefit recalculated to include such payments, without regard to
8 the actual date of the receipt of such payments. The increase in bene-
9 fit will be payable retroactive to her date of retirement.
10 § 2. All costs of implementing the provisions of this act shall be
11 borne by the employers of members of the New York state teachers'
12 retirement system.
13 § 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 $65,000. This cost is to be
borne by the employers of members of NYSTRS.
Member data is from the System's most recent actuarial valuation files
as of June 30, 2023, 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,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11316-03-4
S. 9129 2
2023. 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 are provided in the System's Actuarial Valuation
Report as of June 30, 2023.
The source of this estimate is Fiscal Note 2024-31 dated April 17,
2024 prepared by the Office of the Actuary of the New York State Teach-
ers' Retirement System and is intended for use only during the 2024
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.
