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A08072 Summary:

BILL NOA08072
 
SAME ASSAME AS S07289
 
SPONSORGandolfo
 
COSPNSR
 
MLTSPNSR
 
 
Grants retroactive retirement membership in the New York state teachers' retirement system to Eileen Saumell.
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A08072 Actions:

BILL NOA08072
 
06/11/2021referred to governmental employees
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A08072 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8072
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 11, 2021
                                       ___________
 
        Introduced by M. of A. GANDOLFO -- read once and referred to the Commit-
          tee on Governmental Employees
 
        AN  ACT granting retroactive retirement membership in the New York state
          teachers' retirement system to Eileen Saumell
 
          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, Eileen Saumell
     2  who is currently working at the  West  Babylon  school  district  and  a
     3  member  of  the  New  York  state  teachers'  retirement system, who was
     4  employed as a full-time employee  of  the  Nassau  County  Demonstration
     5  Project,  a  non-participating  employer  of  the  New York state public
     6  retirement systems, with a start date of August 8, 1994 until August 27,
     7  2004, and at that time a member of the United  Jewish  Appeal-Federation
     8  of  Jewish  Philanthropies  of New York, Inc. Retirement Plan, could not
     9  become a member of one of the New York state public  retirement  systems
    10  on August 8, 1994, shall be granted service credit in the New York state
    11  teachers'  retirement  system  for her employment with the Nassau County
    12  Demonstration Project for the period of August 8, 1994 until August  27,
    13  2004,  provided  that  an  application  is filed with the New York state
    14  teachers' retirement system within one year from the effective  date  of
    15  this act.
    16    §  2.  No contributions made to the United Jewish Appeal-Federation of
    17  Jewish Philanthropies of  New  York,  Inc.  Retirement  Plan  by  Eileen
    18  Saumell shall be returned or refunded to her pursuant to this act.
    19    § 3. All past service costs associated with the implementation of this
    20  act shall be borne by Nassau County.
    21    § 4. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This  bill  (legislative  bill  draft  10816-01-1)  would allow Eileen
        Saumell, an active member of the New  York  State  Teachers'  Retirement
        System  with  Tier  4  status,  to receive service credit for the period

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10816-02-1

        A. 8072                             2
 
        August 8, 1994 until August 27, 2004 while she  was  employed  with  the
        Nassau County Demonstration Project, a non-participating employer of the
        New  York  State public retirement systems. During Ms. Saumell's employ-
        ment  with  the Nassau County Demonstration Project, she was a member of
        the United Jewish Appeal-Federation  of  Jewish  Philanthropies  of  New
        York,  Inc.  Retirement Plan and could not become a member of one of the
        New York State public retirement  systems.  Contributions  made  to  the
        United  Jewish  Appeal-Federation  of Jewish Philanthropies of New York,
        Inc. Retirement Plan by Ms. Saumell shall not be returned or refunded to
        her pursuant to this bill. Ms. Saumell must file a written request  with
        the  head  of  the New York State Teachers' Retirement System within one
        year 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 $360,000. This  cost  would  be
        borne  by  the county of Nassau. Granting service credit under this bill
        for employment with an organization that may potentially be considered a
        non-governmental or  private  employer  could  jeopardize  the  System's
        governmental plan status and its exemption from ERISA which could result
        in the loss of qualified status. Loss of qualified status would mean the
        loss  of  tax  benefits.    This  result  would substantially impair the
        System's value to our approximately four hundred and  thirty-four  thou-
        sand  members.  In  addition,  precluding a return or refund of contrib-
        utions under her prior plan may create a conflict  under  the  terms  of
        that plan.
          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
        Annual Report. System assets are as reported in the  System's  financial
        statements and can also be found in the System's Annual Report.  Actuar-
        ial assumptions and methods are provided in the System's Actuarial Valu-
        ation Report.
          The  source of this estimate is Fiscal Note 2021-48 dated June 3, 2021
        prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
        System and is intended for use only during the 2021 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.
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