S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7181
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 27, 2021
                                ___________
 
 Introduced  by  M.  of  A.  CONRAD  -- (at request of the New York State
   Teachers' Retirement System) -- read once and referred to the  Commit-
   tee on Governmental Employees
 
 AN  ACT  to  amend the education law, in relation to authorizing the New
   York state teachers' retirement system to accept alternate methods  of
   postal mail for submittal of forms and applications
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 19 of section 508  of  the  education  law,  as
 amended  by  chapter  248  of  the  laws  of 2003, is amended to read as
 follows:
   19. Whenever a statute requires that  a  document  must  be  filed  or
 moneys  deposited  with the system within a prescribed period of time or
 by a specified date in order for a member to  be  eligible  for  service
 credit  or  a benefit from the system the document shall be deemed filed
 or the moneys deposited with the system  on  the  [day  they  are]  DATE
 mailed  IF  MAILED  TO  THE  SYSTEM EITHER through (1) the United States
 postal service [provided the mailing is] by registered or certified mail
 or (2) such other equivalent POSTAL MAIL service [provided by the United
 States postal service] as the retirement board may  specifically  permit
 by rule or regulation WITH A TRACKING SERVICE CONFIRMING A DATE OF MAIL-
 ING.  Notwithstanding  the  provisions hereof, no such document shall be
 deemed filed or moneys deposited with the system on the [day of] mailing
 DATE unless actually received by the retirement system as [a] THE result
 of such mailing.
   § 2.  This act shall take effect on the ninetieth day after  it  shall
 have  become  a  law; provided, however, that effective immediately, the
 New York state teachers'  retirement  system  is  hereby  authorized  to
 promulgate  any  rule  or regulation necessary for the implementation of
 this act on its effective date.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11038-01-1

 A. 7181                             2
 
   This bill would amend Section 508 of the Education  Law  to  authorize
 the  New  York  State  Teachers'  Retirement System to accept methods of
 postal mail other than  those  provided  by  the  United  States  Postal
 Service for submittal of forms and applications provided such method has
 a tracking service confirming the date of such mailing.
   It  is estimated that there will be no annual cost to the employers of
 members of the New York State Teachers' Retirement System if  this  bill
 is enacted.
   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 2021-3  dated  October  15,
 2020  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2021 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.