S T A T E   O F   N E W   Y O R K
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                                 4341--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 16, 2015
                               ___________

Introduced  by  Sen. MARTINS -- 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  in  relation  to  granting  Tier I status in the New York state
  teachers' retirement system to Karen Siris

  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, Karen Siris, a
retired member of the New York state teachers' retirement  system  since
1986  with  Tier IV status, and who, for the school year ending June 30,
1972, was employed as a substitute  teacher  in  school  District  16  -
Bedford-Stuyvesant  in  the borough of Brooklyn for twenty-one days, and
who, was eligible for retroactive membership in such  retirement  system
with Tier I status pursuant to chapter 106 of the laws of 2002, and who,
for  reasons  not  ascribable  to  her own negligence failed to meet the
deadline for filing an  application  for  such  retroactive  membership,
shall  be granted retroactive membership in the New York state teachers'
retirement system with Tier I status if on or before December 31,  2016,
she  shall  make a written application to that effect, duly executed and
filed with such retirement system.
  S 2. All costs associated with the implementation of this act shall be
borne by the employers of  members  of  the  New  York  state  teachers'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This  bill  would  allow Karen Siris, a retired member of the New York
State Teachers' Retirement System with Tier 4 status, to be reclassified
as a Tier 1 member with all rights, benefits, and privileges which would

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08238-04-6
              

S. 4341--A                          2

be available to her as a Tier 1 member. Her date of membership would  be
changed  based  upon  her employment as a substitute teacher with School
District 16 in the borough of Brooklyn during the 1971-72  school  year.
Ms.  Siris  must  file  a  written request with the head of the New York
State Teachers' Retirement System on or before December 31, 2016.
  The cost of this benefit is equal to the increase in the present value
of benefits, which is estimated to be $167,000.
  Employee 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 2016-29 dated June 10, 2016
prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
System and is intended for use only during the 2016 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.