Bill Text: NY A06568 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes Walter M. Callahan, a retiree of the New York state and local employees' retirement system receiving retirement benefits, to transfer his membership to the New York state teachers' retirement system based upon subsequent employment as a business administrator by a school district.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-05-15 - print number 6568a [A06568 Detail]

Download: New_York-2011-A06568-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6568
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 22, 2011
                                      ___________
       Introduced  by M. of A. CALHOUN -- read once and referred to the Commit-
         tee on Governmental Employees
       AN ACT to authorize Walter M. Callahan,  a  retiree  receiving  benefits
         from  the  New  York  state and local employees' retirement system, to
         retroactively terminate his retirement and transfer his membership  in
         such retirement to 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:
    1    Section 1. Notwithstanding any  provision  of  law  to  the  contrary,
    2  Walter  M.  Callahan,  a  retired member of the New York state and local
    3  employees' retirement system who has been receiving enhanced  retirement
    4  benefits  pursuant to the retirement incentive enacted pursuant to chap-
    5  ter 86 of the laws of 2000 since his retirement on November 4, 2000, who
    6  on August 30, 2006 was appointed as a business administrator employed by
    7  a school district, and who upon  assuming  such  business  administrator
    8  position  became  a  member  of  the New York state teachers' retirement
    9  system, shall be entitled to elect to be deemed  retroactively  to  have
   10  transferred  his  membership  in the New York state and local employees'
   11  retirement system to the New  York  state  teachers'  retirement  system
   12  pursuant  to  section 43 of the retirement and social security law as of
   13  November 3, 2000, provided that upon retirement from the New York  state
   14  teachers'  retirement  system,  his  retirement  allowance  shall be (a)
   15  recalculated taking into account the forfeiture of his enhanced  retire-
   16  ment  benefits  by  reason  of  his return to public service pursuant to
   17  section 11 of chapter 41 of the laws of 1997, and  (b)  reduced  by  the
   18  actuarial  equivalent  of  the retirement benefits received by Walter M.
   19  Callahan prior to his election pursuant to this  section;  and  further,
   20  provided,  that  Walter  M.  Callahan  shall not be required to make any
   21  employee contribution to the New York state teachers' retirement  system
   22  and upon retirement from the New York state teachers' retirement system,
   23  his  retirement allowance shall be increased by the actuarial equivalent
   24  of the employee contributions he has made to the New York  state  teach-
   25  ers' retirement system between August 30, 2006 and his election pursuant
   26  to  this  section. In order to effect such retroactive transfer pursuant
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02901-02-1
       A. 6568                             2
    1  to this section, Walter M. Callahan shall provide, on or before December
    2  31, 2011, notice to the comptroller and the governing body  of  the  New
    3  York  state  teachers' retirement system of his election to transfer his
    4  membership  in the New York state and local employees' retirement system
    5  pursuant to this section.
    6    S 2. Upon the election by Walter M. Callahan to take advantage of  the
    7  provisions  of this act, the New York state and local employees' retire-
    8  ment system shall transfer the amount of his pension reserve to the  New
    9  York state teachers' retirement system.
   10    S  3.  All  costs incurred in implementing the provisions of this act,
   11  unless otherwise stated, shall be borne by the New York state  teachers'
   12  retirement system.
   13    S 4. This act shall take effect immediately.
         FISCAL  NOTE.--This  bill  would  allow  Walter M. Callahan, a retired
       member of the New York State  and  Local  Employees'  Retirement  System
       (NYSLERS) and currently an active member of the New York State Teachers'
       Retirement  System  (NYSTRS),  to  retroactively transfer his membership
       from NYSLERS to NYSTRS pursuant to Section  43  of  the  Retirement  and
       Social  Security  Law.  Upon  his retirement from NYSTRS, his retirement
       allowance shall be recalculated taking into account  the  forfeiture  of
       his  enhanced  retirement  benefits  by  reason  of his return to public
       service pursuant to Section 11 of Chapter 41 of the Laws of 1997.  Addi-
       tionally, his retirement benefit  shall  be  reduced  by  the  actuarial
       equivalent  of the retirement benefits received from NYSLERS from Novem-
       ber 4, 2000 through September  30,  2006.  Mr.  Callahan  shall  not  be
       required  to make any further employee contributions to NYSTRS, and upon
       retirement his benefit shall be increased by the actuarial equivalent of
       employee contributions made to NYSTRS after August 30, 2006. Mr.  Calla-
       han must file a written request with the head  of  the  New  York  State
       Teachers' Retirement System on or before December 31, 2011.
         The cost of this benefit is equal to the increase in the present value
       of  liabilities,  which  is  estimated to be $405,000. This cost will be
       partially offset by the pension reserve transferred from  the  New  York
       State  and  Local  Employees'  Retirement  System in accordance with the
       bill.
         The source of this estimate is Fiscal Note 2011-13 dated March 8, 2011
       prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
       System and is intended for use only during the 2011 Legislative Session.
         FISCAL  NOTE.--This legislation will allow Walter M. Callahan, a reti-
       ree from the New York State and Local Employees' Retirement  System,  to
       retroactively  transfer  his  membership to the New York State Teachers'
       Retirement System.
         Insofar as this bill will affect the New York State and Local  Employ-
       ees' Retirement System, if it is enacted, Mr. Callahan will retroactive-
       ly  transfer to the New York State Teachers' Retirement System and there
       will be a transfer of reserves from the New York State and Local Employ-
       ees' Retirement System to the New York State Teachers' Retirement System
       which will equal our liability due to Mr.  Callahan's  current  pension.
       Therefore,  this legislation will generate no cost to the New York State
       and Local Employees' Retirement System. This legislation,  however,  may
       generate a cost to the New York State Teachers' Retirement System.
         This estimate, dated January 21, 2011 and intended for use only during
       the  2011  Legislative  Session, is Fiscal Note No. 2011-88, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System.