Bill S5330A-2011

Authorizes Kim F. Salinovich to purchase service credit in the New York state teachers' retirement system for employment as high school equivalency teacher

Authorizes Kim F. Salinovich to purchase service credit in the New York state teachers' retirement system for employment as a high school equivalency teacher by the Hudson Valley Opportunities Industrialization Center.

Details

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

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. Salinovich 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 Industrialization 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.


Text

STATE OF NEW YORK ________________________________________________________________________ 5330--A 2011-2012 Regular Sessions IN 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.
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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