S T A T E   O F   N E W   Y O R K
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                                  5361--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 2, 2023
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03858-03-4
 S. 5361--A                          2
              

 
 District.   Mr. Guarino must file a written request with the head of the
 NYSTRS within one year of the effective date of this bill.
   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.