STATE OF NEW YORK
________________________________________________________________________
6560--A
2015-2016 Regular Sessions
IN ASSEMBLY
March 27, 2015
___________
Introduced by M. of A. BRABENEC -- Multi-Sponsored by -- M. of A. McDO-
NOUGH, MILLER -- read once and referred to the Committee on Govern-
mental 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 the New York state teachers' retirement system to
accept an application for disability retirement benefits from James
O'Connell
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law to the contrary,
2 the application for disability retirement benefits of James O'Connell,
3 who was employed as principal by the Port Jervis city school district
4 and a member of the New York state teachers' retirement system, who
5 ceased his employment with the Port Jervis city school district on
6 August 31, 2008, and who, for reasons not ascribable to his own negli-
7 gence, did not apply to the New York state teachers' retirement system
8 for disability retirement benefits until September 14, 2009, shall be
9 deemed to have applied to the New York state teachers' retirement system
10 for disability retirement benefits within 30 days of his ceasing to be
11 employed on August 31, 2008.
12 § 2. All costs incurred in implementing the provisions of this act,
13 shall be borne by the employers of members of the New York state teach-
14 ers' retirement system.
15 § 3. This act shall take effect immediately.
FISCAL NOTE: Pursuant to Legislative Law, Section 50:
This bill concerns James O'Connell, a vested member of the New York
State Teachers' Retirement System who ceased his employment as a teacher
with the Port Jervis City School District on August 31, 2008, and did
not apply for disability retirement benefits until September 14, 2009,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02175-04-6
A. 6560--A 2
after the 12 month deadline to apply for disability had lapsed. He shall
be deemed to have applied for disability retirement benefits within 30
days of ceasing his employment on August 31, 2008. Currently as a vested
member Mr. O'Connell is eligible for a service retirement benefit
commencing at age 55.
The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $330,000. This cost is contin-
gent upon the approval of James O'Connell's application for disability
retirement by the Medical Board of the New York State Teachers' Retire-
ment System.
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 2016-18 dated March 8, 2016
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2016 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.
