S T A T E   O F   N E W   Y O R K
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                                  5814--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 25, 2021
                                ___________
 
 Introduced  by M. of A. BROWN -- read once and referred to the Committee
   on Governmental Employees -- recommitted to the Committee  on  Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee  discharged, bill amended, ordered reprinted as amended and recom-
   mitted to said committee

 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:
 
   Section 1. Notwithstanding any other law to the contrary, Lori  Cohen,
 who  was  employed  as  a  substitute  teacher with the Oceanside school
 district and Rockville Centre school district with a start date of  July
 1,  1975,  and  who  is currently a retired member of the New York state
 teachers' retirement system, who through no fault of  her  own  did  not
 become  a  member  of  the New York state teachers' retirement system on
 July 1, 1975 when first employed by the Oceanside  school  district  and
 Rockville  Centre  school district shall be deemed to have been a member
 of the New York state teachers'  retirement  system  on  such  date  she
 commenced  her  employment and shall be granted Tier II status, provided
 that an application is filed with the head of the New York state  teach-
 ers'  retirement  system within one year from the effective date of this
 act.
   § 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 the
 Rockville Centre School District which commenced on July 1,  1975.  Upon
 reclassification as a Tier 2 member, Ms. Cohen's pension would be recal-
 culated  with  retroactive adjustment to payments made since her date of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03945-06-1
              

 A. 5814--A                          2
 
 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 retroactive monthly  payments,  and  the  refund  of
 member  contributions  and prior service payments, which is estimated to
 be $235,000. 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
 Annual  Report.  System assets are as reported in the System's financial
 statements, and can also be found in the System's Annual Report.   Actu-
 arial  assumptions  and  methods  are provided in the System's Actuarial
 Valuation Report.
   The source of this estimate is Fiscal Note 2022-3  dated  December  9,
 2021  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2022 Legislative Session.
 I, Richard A. Young, am the Chief Actuary for the New York State  Teach-
 ers' Retirement System. I am a member of the American Academy of Actuar-
 ies  and  I  meet the Qualification Standards of the American Academy of
 Actuaries to render the actuarial opinion contained herein.