S T A T E   O F   N E W   Y O R K
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                                  5887--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced by M. of A. STIRPE -- 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 IV status in the New
   York state teachers' retirement system to Peter Guarino
 
   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, Peter Guari-
 no,  who  was  employed  as  a  substitute teacher with the Lansing city
 school district, Newfield city school district and  Ithaca  city  school
 district  with  a  start  date of June 13, 2008, and who is currently an
 active member of the New York state  teachers'  retirement  system,  who
 through  no  fault  of  his  own did not become a member of the New York
 state teachers' retirement system on June 13, 2008 when  first  employed
 by  the  Lansing city school district, Newfield city school district and
 Ithaca city school district shall be deemed to have been a member of the
 New York state teachers' retirement system on such date he commenced his
 employment and shall be granted Tier IV status, provided that an  appli-
 cation is filed with the head of the New York state teachers' 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 Peter Guarino, an active Tier 5 member of the
 New York State Teachers' Retirement System (NYSTRS), to be  reclassified
 as  a  Tier  4  member with a date of membership of June 13, 2008, based
 upon his employment as a substitute teacher with the Lansing City School
 District, the Newfield City School District, and the Ithaca City  School
 District.   Mr. Guarino must file a written request with the head of the
 NYSTRS within one year of the effective date of this bill.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03858-04-4
              

 A. 5887--A                          2
 
   This bill would generate a cost equal to the increase in  the  present
 value  of liabilities, which is estimated to be $81,600. 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
 as of June 30, 2023, consisting of data provided by the employers to the
 Retirement System. The most recent data distributions and statistics can
 be  found  in  the System's Annual Report for fiscal year ended June 30,
 2023. System assets are as reported in the System's financial statements
 and can also be found in the System's Annual Report.  Actuarial  assump-
 tions  and  methods  are  provided  in  the System's Actuarial Valuation
 Report as of June 30, 2023.
   The source of this estimate is Fiscal Note  2024-25  dated  March  26,
 2024  prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for  use  only  during  the  2024
 Legislative  Session.  I, Richard A. Young, am the Chief Actuary for the
 New York State Teachers' Retirement System. I am a member of the  Ameri-
 can  Academy  of Actuaries and I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.