S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6822
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 18, 2021
                                ___________
 
 Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT in relation to granting Kevin Moriarty Tier IV status 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:
 
   Section 1. Notwithstanding any other provision of law, Kevin Moriarty,
 who is a member of the New York state teachers' retirement  system  with
 Tier  VI status, and who, from 1998 through 2013 was employed as a part-
 time lecturer by the College of Engineering and Applied Sciences of  the
 University  of  Stony  Brook, and who, since 2013 has been employed as a
 ten-month lecturer by such college, and who, for reasons not  ascribable
 to  his  own negligence, failed to become a member of the New York state
 teachers' retirement system in 1998, shall be deemed to have joined such
 retirement system in 1998, having Tier IV status with every right, bene-
 fit and privilege which would have been available to him in 1998  if  on
 or  before December 31, 2021, he shall file an application therefor with
 the head of the New York state teachers' retirement system.
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the employers of members of the
 New York state teachers' retirement system, and there shall be no refund
 of the members contributions to Kevin Moriarty.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  (legislative  bill  draft  10558-01-1)  would  allow Kevin
 Moriarty, a Tier 6 member of the New  York  State  Teachers'  Retirement
 System, to be reclassified as a Tier 4 member with all the rights, bene-
 fits, and privileges which would be available to him as a Tier 4 member.
 His  date  of membership would be changed based upon his employment with
 the University at Stony Brook from July 1, 1998 through June  30,  2013.
 No  refund of member contributions shall be made. Mr. Moriarty must file
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10558-02-1

 S. 6822                             2
 
 a written request with the head of the New York State Teachers'  Retire-
 ment System on or before December 31, 2021.
   The cost of this benefit is equal to the increase in the present value
 of  benefits, which is estimated to be $25,000. This cost is to be borne
 by the employers of member 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.  Actuar-
 ial assumptions and methods are provided in the System's Actuarial Valu-
 ation Report.
   The  source of this estimate is Fiscal Note 2021-45 dated May 17, 2021
 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.