S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6560--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2015
                               ___________

Introduced  by M. of A. BRABENEC -- Multi-Sponsored by -- M. of A. McDO-
  NOUGH, MILLER -- read once and referred to the  Committee  on  Govern-
  mental  Employees  --  recommitted  to  the  Committee on Governmental
  Employees in accordance with Assembly Rule  3,  sec.  2  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to  authorize the New York state teachers' retirement system to
  accept an application for disability retirement  benefits  from  James
  O'Connell

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law to the contrary,
the application for disability retirement benefits of  James  O'Connell,
who  was  employed  as principal by the Port Jervis city school district
and a member of the New York  state  teachers'  retirement  system,  who
ceased  his  employment  with  the  Port  Jervis city school district on
August 31, 2008, and who, for reasons not ascribable to his  own  negli-
gence,  did  not apply to the New York state teachers' retirement system
for disability retirement benefits until September 14,  2009,  shall  be
deemed to have applied to the New York state teachers' retirement system
for  disability  retirement benefits within 30 days of his ceasing to be
employed on August 31, 2008.
  S 2. All costs incurred in implementing the provisions  of  this  act,
shall  be borne by the employers of members of the New York state teach-
ers' retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE: Pursuant to Legislative Law, Section 50:
  This bill concerns James O'Connell, a vested member of  the  New  York
State Teachers' Retirement System who ceased his employment as a teacher
with  the  Port  Jervis City School District on August 31, 2008, and did
not apply for disability retirement benefits until September  14,  2009,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02175-04-6
              

A. 6560--A                          2

after the 12 month deadline to apply for disability had lapsed. He shall
be  deemed  to have applied for disability retirement benefits within 30
days of ceasing his employment on August 31, 2008. Currently as a vested
member  Mr.  O'Connell  is  eligible  for  a  service retirement benefit
commencing at age 55.
  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $330,000. This cost is  contin-
gent  upon  the approval of James O'Connell's application for disability
retirement by the Medical Board of the New York State Teachers'  Retire-
ment System.
  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 2016-18 dated March 8, 2016
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2016 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.