STATE OF NEW YORK
________________________________________________________________________
5097--A
2019-2020 Regular Sessions
IN SENATE
April 9, 2019
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Introduced by Sen. GAUGHRAN -- 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 granting retroactive membership with Tier II status in the New
York state teachers' retirement system to Lori Cohen
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, Lori Cohen,
2 who was employed as a substitute teacher with the Oceanside school
3 district and Rockville Centre school district with a start date of July
4 1, 1975, and who is currently a retired member of the New York state
5 teachers' retirement system, who through no fault of her own did not
6 become a member of the New York state teachers' retirement system on
7 July 1, 1975 when first employed by the Oceanside school district and
8 Rockville Centre school district shall be deemed to have been a member
9 of the New York state teachers' retirement system on such date she
10 commenced her employment and shall be granted Tier II status, provided
11 that an application is filed with the head of the New York state teach-
12 ers' retirement system within one year from the effective date of this
13 act.
14 § 2. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill would allow Lori Cohen, a retired Tier 3 member of the New
York State Teachers' Retirement System, to be reclassified as a Tier 2
member. Her date of membership would be changed based upon her employ-
ment as a substitute teacher with the Oceanside School District and
Rockville Centre School District which commenced on July 1, 1975. Upon
reclassification as a Tier 2 member, Ms. Cohen's pension would be recal-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09503-04-0
S. 5097--A 2
culated with retroactive adjustment to payments made since her date of
retirement of July 1, 2018. Additionally, she would be refunded the
member contributions she made under Tier 3 as well as her prior service
payment. Ms. Cohen 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 plus the refund of member contributions and prior service
payments, which is estimated to be $223,000. 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, 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 2020-5 dated January 28,
2020 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2020 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.