STATE OF NEW YORK
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5771--A
2019-2020 Regular Sessions
IN ASSEMBLY
February 19, 2019
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Introduced by M. of A. GRIFFIN -- read once and referred to the Commit-
tee on Governmental Employees -- recommitted to the Committee on
Governmental Employees in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to authorize Joseph DelGiorno's eligibility to apply for military
service credit in 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 subdivision 5 of section 1000 of the
2 retirement and social security law, Joseph DelGiorno, a retired member
3 of the New York state teachers' retirement system, having retired in
4 1988; and who served in the United States military during the Korean
5 conflict, shall be eligible to apply for military service credit in the
6 New York state teachers' retirement system as otherwise provided pursu-
7 ant to the provisions of section 1000 of the retirement and social secu-
8 rity law, if, within one year of the effective date of this act, he
9 shall file a written request to that effect with such retirement system.
10 Such benefit shall be recalculated as of the date of his retirement.
11 § 2. All costs attributable to the implementation of this act shall be
12 borne by the employers of members of the New York state teachers'
13 retirement system.
14 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Joseph DelGiorno, a retired member of the New
York State Teachers' Retirement System, to apply for retirement credit
for military service rendered during the Korean conflict. Mr. DelGiorno
must file a written request with the head of the New York State Teach-
ers' Retirement System within one year of the effective date of this
bill. Additionally, Mr. DelGiorno must pay an amount equal to the prod-
uct of the period of military service being claimed and three percent of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03464-04-0
A. 5771--A 2
his annual full-time rate of compensation immediately preceding his
retirement. The increase in Mr. DelGiorno's pension will be payable
retroactively to his date of retirement.
The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $40,500. This cost would be
borne by the employers of members of the New York State Teachers'
Retirement System and by Mr. DelGiorno. The employers of members of the
New York State Teachers' Retirement System would be responsible for
approximately $38,700 and Mr. DelGiorno for approximately $1,800.
Member 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 2020-14 dated March 2, 2020
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2020 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.
