STATE OF NEW YORK
________________________________________________________________________
4953--A
2021-2022 Regular Sessions
IN SENATE
February 19, 2021
___________
Introduced by Sen. KAMINSKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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, as required by law for members applying for military
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03619-03-2
S. 4953--A 2
service credit, Mr. DelGiorno must pay an amount equal to the product of
the period of military service being claimed and three percent of his
annual full-time rate of compensation immediately preceding his retire-
ment. The increase in Mr. DelGiorno's pension will be payable retroac-
tively to his date of retirement.
The cost of this benefit is equal to the net increase in the present
value of liabilities, which is estimated to be $32,000. This cost would
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, 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. Actuari-
al assumptions and methods are provided in the System's Actuarial Valu-
ation Report and the 2021 Actuarial Assumptions Report.
The source of this estimate is Fiscal Note 2022-43 dated May 19, 2022
prepared by the Office of the Actuary of the New York State Teachers'
Retirement System and is intended for use only during the 2022 Legisla-
tive Session. I, Richard A. Young, am the Chief 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 Amer-
ican Academy of Actuaries to render the actuarial opinion contained
herein.
