S5330A-2011 Actions

• May 9, 2012: PRINT NUMBER 5330A
• May 9, 2012: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
• Jan 4, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS
• May 6, 2011: REFERRED TO CIVIL SERVICE AND PENSIONS

S5330A-2011 Memo

BILL NUMBER:S5330A

TITLE OF BILL:
An act to authorize Kim F. Salinovich to purchase service credit in the
New York state teachers' retirement system for certain employment as a
high school equivalency instructor

PURPOSE:
To allow Kim F. Salinovich to purchase service credit for retirement
purposes for the period of time she worked as a high school equivalency
instructor at Hudson Valley Opportunities Industrialization Center.

SUMMARY OF PROVISIONS:
Section 1: Authorizes Ms. Salinovich to purchase service credit in the
New York state teachers' retirement system for her employment by the
Hudson Valley Opportunities Industrialization Center from November 1979
through August 1981 and November 1982 through August 1987.  This section
requires Ms. Salinovich to pay the NYSTRS an amount equal to three
percent of the salary she received for the period of service being
claimed, with regular interest thereon.

Section 2: All costs other than the costs to be borne by Kim F.  Salino-
vich pursuant to Section 1 of this act, shall be borne by the employers
of members of the NYSTRS.

JUSTIFICATION:
Even though Ms. Salinovich was instructing public school children as a
high school equivalency instructor at Hudson Valley Opportunities Indus-
trialization Center Ms. Salinovich has been unable to receive credit for
her service for the HVOIC. This is because the HVOIC does not meet the
definition of an employer eligible for participation in the NYSTRS as
defined in NYS Education Law. However, all of the funding for HVOIC came
from state sources and was a quasi-public entity. This bill if signed
into law would allow Ms. Salinovich to buy back her time employed at the
HVOIC from November 1979 through August 1981 and November 1982 through
August 1987.

LEGISLATIVE HISTORY:
S.8192  of 2008
S.2773A of 2009/2010

FISCAL IMPLICATIONS:
See attached fiscal note.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

S5330A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 5330--A
 2011-2012 Regular Sessions
 I N  SENATE
 May 6, 2011
 
 Introduced  by  Sen.  LARKIN -- 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 to authorize Kim F. Salinovich to purchase service credit in the
 New York state teachers' retirement system for certain employment as a
 high school equivalency instructor
 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, Kim F. Salino
 vich, a retired member  of  the  New  York  state  teachers'  retirement
 system,  who was employed as a high school equivalency instructor by the
 Hudson Valley Opportunities Industrialization Center from November  1979
 through  August  1981 and November 1982 through August 1987, and such if
 it had been performed for  an  employer  defined  in  subdivision  3  of
 section  501 of the education law would constitute service as a teacher,
 shall be authorized to purchase service credit in such retirement system
 for her employment by the Hudson Valley Opportunities  Industrialization
 Center  if,  within  180  days  of  the  effective date of this act, she
 applies to the head of the New York state teachers' retirement system.
 Ms. Salinovich shall be required to pay to the New York  state  teach
 ers'  retirement  system  an amount equal to three percent of the salary
 she received for the period  of  service  being  claimed,  with  regular
 interest  thereon,  from  the  school  years  in  which  the service was
 rendered to the date of purchase.
 

S 2. All costs attributable to the implementation of this  act,  other
 than  the costs to be borne by Kim F. Salinovich pursuant to section one
 of this act, shall be borne by the employers of members of the New  York
 state teachers' retirement system.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09814-03-2
 
       S. 5330--A                          2
 

S 3. This act shall take effect immediately.
 FISCAL  NOTE.--This  bill  would  allow  Kim  F. Salinovich, a retired
 member of the New York State Teachers' Retirement  System,  to  purchase
 service  credit  for time worked as a high school equivalency instructor
 at Hudson Valley Opportunities  Industrialization  Center,  Inc.    from
 November 1979 through August 1981 and November 1982 through August 1987.
 The service credit will be granted as if the service was performed for a
 participating  employer  defined  in subdivision 3 of section 501 of the
 Education Law. Ms. Salinovich will be required to pay three  percent  of
 salary  received  for  the  period of service being claimed with regular
 interest thereon.  Ms. Salinovich's pension would be  recalculated  with
 retroactive  adjustment to payments made since her date of retirement of
 July 1, 2011.  Ms. Salinovich must file a written request with the  head
 of the New York State Teachers' Retirement System within 180 days of the
 effective date of this bill.
 The cost of this benefit is equal to the increase in the present value
 of liabilities, which is estimated to be $303,000.
 The  source  of this estimate is Fiscal Note 2012-27 dated May 1, 2012
 prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
 System and is intended for use only during the 2012 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.

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