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S07399 Summary:

S07399 Actions:

S07399 Floor Votes:

S07399 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7399
 
                    IN SENATE
 
                                      May 14, 2014
                                       ___________
 
        Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize Nicole Steinberg to apply for retroactive membership
          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  any  provision  of  law to the contrary,
     2  Nicole Steinberg (nee Pisciotta) who commenced employment by the  Middle
     3  Country  central  school  district  as  a  permanent building substitute
     4  teacher on September 13, 2007, and who, for reasons  not  ascribable  to
     5  her own negligence, did not become a member of the New York state teach-
     6  ers'  retirement  system  until  June  1,  2010, shall be deemed to have
     7  become a member of such retirement system on September 13, 2007,  having
     8  Tier  IV  status,  if  within one year of the effective date of this act
     9  Nicole Steinberg files an application therefor with the head of the  New
    10  York state teachers' retirement system.
    11    § 2. All past service costs of implementing the provisions of this act
    12  shall be borne by the Middle Country central school district.
    13    § 3. This act shall take effect immediately.

          FISCAL NOTE.--This bill would allow Nicole Steinberg, an active member
        of the New York State Teachers' Retirement System with Tier 5 status, to
        be reclassified as a Tier 4 member with all rights, benefits, and privi-
        leges  which  would  be available to her as a Tier 4 member. Her date of
        membership would be changed to September 13, 2007 based upon her employ-
        ment with the Middle Country Central School District. Ms. Steinberg 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 estimate to be $30,000. All costs associated
        with implementing this bill shall be borne by the Middle Country Central
        School District.
          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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13779-02-4
        S. 7399                             2
 
        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 2014-30 dated April 29,
        2014 prepared by the Actuary of the New York State Teachers'  Retirement

        System and is intended for use only during the 2014 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.