STATE OF NEW YORK
________________________________________________________________________
5887--A
2023-2024 Regular Sessions
IN ASSEMBLY
March 24, 2023
___________
Introduced by M. of A. STIRPE -- read once and referred to the Committee
on Governmental Employees -- recommitted to the Committee on Govern-
mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT granting retroactive membership with Tier IV status in the New
York state teachers' retirement system to Peter Guarino
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other law to the contrary, Peter Guari-
2 no, who was employed as a substitute teacher with the Lansing city
3 school district, Newfield city school district and Ithaca city school
4 district with a start date of June 13, 2008, and who is currently an
5 active member of the New York state teachers' retirement system, who
6 through no fault of his own did not become a member of the New York
7 state teachers' retirement system on June 13, 2008 when first employed
8 by the Lansing city school district, Newfield city school district and
9 Ithaca city school district shall be deemed to have been a member of the
10 New York state teachers' retirement system on such date he commenced his
11 employment and shall be granted Tier IV status, provided that an appli-
12 cation is filed with the head of the New York state teachers' retirement
13 system within one year from the effective date of this act.
14 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Peter Guarino, an active Tier 5 member of the
New York State Teachers' Retirement System (NYSTRS), to be reclassified
as a Tier 4 member with a date of membership of June 13, 2008, based
upon his employment as a substitute teacher with the Lansing City School
District, the Newfield City School District, and the Ithaca City School
District. Mr. Guarino must file a written request with the head of the
NYSTRS within one year of the effective date of this bill.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03858-04-4
A. 5887--A 2
This bill would generate a cost equal to the increase in the present
value of liabilities, which is estimated to be $81,600. This cost is to
be borne by the employers of members of the New York State Teachers'
Retirement System.
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,
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 2024-25 dated March 26,
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.
