BILL NUMBER: S9803
SPONSOR: HELMING
 
TITLE OF BILL:
An act to authorize Jeffrey Alva Beall eligibility to apply for military
service credit in the New York state teachers' retirement system
 
PURPOSE OR GENERAL IDEA OF BILL:
Authorizes Jeffrey Alva Beall eligibility to apply for military service
credit in the New York state teachers' retirement system
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Notwithstanding subdivision 5 of section 1000 of the retire-
ment and social security law, Jeffrey Alva Beall, a retired member of
the New York state teachers' retirement system, who was on active duty
in the United States Army from April 17, 1984 until February 27, 1987,
shall be eligible to apply for military service credit, to be applied
retroactively to the date of his retirement, in the New York state
teachers' retirement system as otherwise provided pursuant to the
provisions of section 1000 of the retirement and social security law. To
obtain such credit Mr. Beall shall pay the New York state teachers'
retirement system a sum equal to the product of the number of years of
military service he served, and three percent of Mr. Beall's compen-
sation earned during the last twelve consecutive months of credited
service preceding the date of his retirement.
§ 2. This act shall take effect immediately.
 
FISCAL NOTE--PURSUANT TO LEGISLATIVE LAW, SECTION 50:
This bill would allow Jeffrey Alva Beall, a retired Tier 4 member of the
New York State Teachers' Retirement System, to purchase three years of
service credit for his military service when he was on active duty in
the United States Army from April 17, 1984 until February 27, 1987. Mr.
Beall must pay a sum equal to the product of the number of years of
military' service credit and three percent of his compensation earned
during the last twelve consecutive months of credited service preceding
his retirement. The increase in Mr. Beall's pension would be payable
retroactively to his date of retirement. He was not eligible to purchase
this military service credit upon his retirement in 2016 as it was
before the law was changed to allow credit for military service rendered
at any time, rather than during specified periods of war. The cost of
this benefit is equal to the increase in the present value of liabil-
ities minus Mr. Beall's contribution, which is estimated to be $70,000.
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, 2023. System assets are as
reported in the System's financial statements and can also be found in
the System's Annual Report. Actuarial assumptions and methods are
provided in the System's Actuarial Valuation Report as of June 30, 2023.
The source of this estimate is Fiscal Note 2024-33 dated May 30, 2024
prepared by the Office of the Actuary of the New York State Teachers'
Retirement System and is intended for use only during the 2024 Legisla-
tive Session. 1, Richard A. Young, am the Chief 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 Actuaries to render the actuarial opinion contained herein.
 
JUSTIFICATION:
In January of 2016 Jeff Beall retired from the public-school system.
Then, on May 31, 2016, Governor Cuomo signed a bill (A.9531) that would
allow members of the public retirement systems of the state to buy back
portions of their military service time. Because he retired in January,
before the bill was signed, Mr. Beal is ineligible to purchase that time
back. This legislation would allow him to purchase the time back.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
See Fiscal Note.
 
EFFECTIVE DATE:
This act shall take effect immediately.