Bill S7777-2013

Authorizes Collette V. Fournier to purchase certain service credit in the New York state teachers' retirement system

Authorizes Collette V. Fournier to purchase certain service credit in the New York state teachers' retirement system.

Details

Actions

  • Jun 16, 2014: referred to governmental employees
  • Jun 16, 2014: DELIVERED TO ASSEMBLY
  • Jun 16, 2014: PASSED SENATE
  • Jun 16, 2014: ORDERED TO THIRD READING CAL.1417
  • Jun 16, 2014: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Jun 6, 2014: REFERRED TO CIVIL SERVICE AND PENSIONS

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 16, 2014
Ayes (21): Skelos, Libous, Bonacic, Carlucci, Farley, Flanagan, Hannon, Larkin, LaValle, Marcellino, Maziarz, Nozzolio, Seward, Valesky, Little, Stewart-Cousins, Breslin, Dilan, Montgomery, Parker, Perkins
Ayes W/R (2): Krueger, Gianaris
Excused (2): Hassell-Thompson, Espaillat

Memo

BILL NUMBER:S7777

TITLE OF BILL: An act in relation to authorizing Collette V. Fournier to purchase certain service credit in the New York state teachers' retirement system

PURPOSE: This bill would allow Collette V. Fournier to purchase certain service credit in the New York State Teachers' Retirement (NYSTRS) system and be reinstated to membership with her original date of membership and tier status.

SUMMARY OF PROVISIONS: This legislation simplifies procedures and provisions for Collette V. Fournier to be reinstated to membership with NYSTRS with a date of membership of February 3, 1992. Upon reinstatement, Ms Fournier must file a written request with the head of NYSTRS by the thirty first of December following the effective date of this bill,

JUSTIFICATION: This legislation would allow Ms Fournier to be able to purchase her time and receive any eligible service credit acquired during her employment with Rockland County Community College between the dates of February 3, 1992 and June 2, 1999.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: The cost of this benefit is equal to the increase in the present value of liabilities, which is estimated to be $56,000 (see Fiscal Note appended to bill).

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7777 IN SENATE June 6, 2014 ___________
Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT in relation to authorizing Collette V. Fournier to purchase certain service credit in the New York state teachers' retirement system 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, Collette V. Fournier, who elected TIAA-CREF on June 2, 1999 and is currently a member of TIAA-CREF, who is employed as a member of the administrative staff in the campus communications/art department of the Rockland Commu- nity College, and began working for the Rockland Community College in February 1992, and who for reasons not ascribable to her own negligence, was in a classified position not reportable to the New York state teach- ers' retirement system at such time, shall be entitled to a membership with the New York state teachers' retirement system with a date of membership of February 3, 1992 and tier status and receive service cred- it for her employment with Rockland Community College from February 3, 1992 through June 30, 2001. Such additional credit shall only be obtained if, on or before the thirty-first day of December next succeed- ing the date on which this act shall have become a law, she files a written request with the head of the New York state teachers' retirement system seeking to receive such service credit. S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow Collette V. Fournier, a member of TIAA-CREF since June 2, 1999, to be entitled to a membership with the New York State Teachers' Retirement System with a date of membership of February 3, 1992. Ms. Fournier would receive service credit for her employment with the Rockland Community College from February 3, 1992 through June 30, 2001. Ms. Fournier must file a written request with the head of the New York State Teachers' Retirement System by the thirty-first day of December following 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 $56,000. 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 2014-32 dated June 3, 2014 prepared by the Actuary for the New York State Teachers' Retirement System and is intended for use only during the 2014 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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