Bill Text: NY A07843 | 2017-2018 | General Assembly | Amended

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Bill Title: Authorizes the New York state teachers' retirement system to accept an application for disability retirement benefits from James O'Connell.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-01-23 - print number 7843a [A07843 Detail]

Download: New_York-2017-A07843-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7843--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      May 17, 2017
                                       ___________
        Introduced by M. of A. BRABENEC -- Multi-Sponsored by -- M. of A. CROUCH
          --  read  once and referred to the Committee on Governmental Employees
          -- recommitted to the Committee on Governmental Employees  in  accord-
          ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
        AN  ACT  to  authorize the New York state teachers' retirement system to
          accept an application for disability retirement  benefits  from  James
          O'Connell
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Notwithstanding any other provision of law to the contrary,
     2  the application for disability retirement benefits of  James  O'Connell,
     3  who  was  employed  as principal by the Port Jervis city school district
     4  and a member of the New York  state  teachers'  retirement  system,  who
     5  ceased  his  employment  with  the  Port  Jervis city school district on
     6  August 31, 2008, and who, for reasons not ascribable to his  own  negli-
     7  gence,  did  not apply to the New York state teachers' retirement system
     8  for disability retirement benefits until September 14,  2009,  shall  be
     9  deemed to have applied to the New York state teachers' retirement system
    10  for  disability  retirement benefits within 30 days of his ceasing to be
    11  employed on August 31, 2008.
    12    § 2. All costs incurred in implementing the provisions  of  this  act,
    13  shall  be borne by the employers of members of the New York state teach-
    14  ers' retirement system.
    15    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill concerns James O'Connell, a vested member of  the  New  York
        State Teachers' Retirement System who ceased his employment as a teacher
        with  the  Port  Jervis City School District on August 31, 2008, and did
        not apply for disability retirement benefits until September  14,  2009,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04131-04-7
        A. 7843--A                          2
        after the 12 month deadline to apply for disability had lapsed. He shall
        be  deemed  to have applied for disability retirement benefits within 30
        days of ceasing his employment on August 31, 2008. Currently as a vested
        member Mr. O'Connell is eligible to apply for a service retirement bene-
        fit commencing on May 9, 2018.
          The cost of this benefit is equal to the increase in the present value
        of  liabilities,  which  is estimated to be $370,000. This cost is to be
        borne by the employers of  members  of  the  New  York  State  Teachers'
        Retirement   System  and  is  contingent  upon  the  approval  of  James
        O'Connell's application for disability retirement by the  Medical  Board
        of the New York State Teachers' Retirement System.
          Member  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 2018-3 dated  November  29,
        2017  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2018 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.