STATE OF NEW YORK
________________________________________________________________________
7151--A
2015-2016 Regular Sessions
IN ASSEMBLY
April 27, 2015
___________
Introduced by M. of A. WALTER -- read once and referred to the Committee
on Governmental Employees -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to authorize Annlouise Cirelli to purchase service credit in the
New York state teachers' retirement system for certain employment
out-of-state
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, Annlouise
2 Cirelli, a retiree of the New York state teachers' retirement system,
3 who joined the retirement system as a tier four member and pursuant to
4 section 645 of the retirement and social security law was reinstated to
5 a tier one membership and who subsequently was employed as a teacher by
6 the Cincinnati Public School District from 1975 through 1981, and such
7 service as if it had been performed for an employer defined in subdivi-
8 sion 3 of section 501 of the education law would constitute service as a
9 teacher, shall be authorized to purchase service credit in such retire-
10 ment system for her employment by the Cincinnati Public School District
11 if, within 180 days of the effective date of this act, she applies to
12 the head of the New York state teachers' retirement system. Under
13 current New York state law Ms. Cirelli, a tier one retiree of the New
14 York state teachers' retirement system, is not permitted to purchase
15 out-of-state service since such service occurred subsequent to her date
16 of membership in the New York state teachers' retirement system.
17 § 2. All costs attributable to the implementation of this act shall be
18 borne by the employers of members of the New York state teachers'
19 retirement system.
20 § 3. This act shall take effect immediately.
FISCAL NOTE.-- This bill would allow Annlouise Cirelli, a retired Tier
1 member of the New York State Teachers' Retirement System, to receive
service credit for her employment as a teacher with the Cincinnati
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10635-03-5
A. 7151--A 2
Public School District. The service credit will be granted as if the
service was performed for a participating employer defined in subdivi-
sion 3 of section 501 of the Education Law. Tier 1 members can only
receive out-of-state service credit for teaching service rendered prior
to their date of membership, provided a benefit will not be received for
such out-of-state teaching service from another state or the federal
government. Ms. Cirelli's pension would be recalculated with retroactive
adjustment to payments made since her date of retirement of July 1,
2013. Ms. Cirelli must file a written request with the head of the New
York State Teachers' Retirement System within 180 days of the effective
date of this bill.
The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $143,000.
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 2015-26 dated April 27,
2015 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2015 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.
