NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9494
SPONSOR: Santabarbara TITLE OF BILL:
An act in relation to authorizing Susan Ruscitto to receive certain
service credit with the New York state teachers' retirement system
PURPOSE OR GENERAL IDEA OF BILL:
This bill will fix a miscalculation of service credited to Susan Ruscit-
to from 19 years and 8 months to 20 years and 2 months if she files a
written request to that effect with the New York state teacher's retire-
ment system.
SUMMARY OF PROVISIONS:
Section 1 states that the bill will fix a miscalculation of service
credited to Susan Ruscitto from 19 years and 8 months- to 20 years and 2
months if she files a written request to that effect with the New York
state teacher's retirement system.
Section 2 states that all costs associated with implementing the
provisions shall be borne by the New York state teachers' retirement
system.
Section 3 states the effective date.
JUSTIFICATION:
This bill seeks to rectify an error with the calculation of service time
of Susan Ruscitto.
PRIOR LEGISLATIVE HISTORY:
None.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
9494
IN ASSEMBLY
March 14, 2024
___________
Introduced by M. of A. SANTABARBARA -- read once and referred to the
Committee on Governmental Employees
AN ACT in relation to authorizing Susan Ruscitto to receive certain
service credit with 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, Susan
2 Ruscitto, who retired from the New York state teachers' retirement
3 system on October 1, 2021 and whom, through no fault of her own, had her
4 full-time service credit calculated to be 19 years and 8 months, shall
5 have her pension with the New York state teachers' retirement system
6 recalculated to include additional full-time service credit for a total
7 of 20 years and 2 months, on or before one year after the effective date
8 of this act, if she shall file a written request to that effect with the
9 New York state teachers' retirement system.
10 § 2. All costs associated with implementing the provisions of this act
11 shall be borne by the New York state teachers' retirement system.
12 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would credit Susan Ruscitto, a retired member of the New
York State Teachers' Retirement System, with additional service credit
and her pension would be recalculated with total service credit of 20
years and 2 months. She currently is credited with 19 years and 8 months
of service. Ms. Ruscitto must file a written request with the head of
the New York State Teachers' Retirement System within one year 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 $26,000. This cost would be
borne by the employers of members of the New York State Teachers'
Retirement System.
Member data is from the System's most recent actuarial valuation files
as of June 30, 2023, consisting of data provided by the employers to the
Retirement System. The most recent data distributions and statistics can
be found in the System's Annual Report for fiscal year ended June 30,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13862-02-4
A. 9494 2
2023. System assets are as reported in the System's financial statements
and can also be found in the System's Annual Report. Actuarial assump-
tions and methods are provided in the System's Actuarial Valuation
Report as of June 30, 2023.
The source of this estimate is Fiscal Note 2024-12 dated February 8,
2024 prepared by the Office of the Actuary of the New York State Teach-
ers' Retirement System and is intended for use only during the 2024
Legislative Session. I, Richard A. Young, am the Chief Actuary for the
New York State Teachers' Retirement System. I am a member of the Ameri-
can Academy of Actuaries and I meet the Qualification Standards of the
American Academy of Actuaries to render the actuarial opinion contained
herein.
