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NY A10127
Bill
Status
5/6/2024
Primary Sponsor
Jarett Gandolfo
Click for details
AI Summary
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Members of New York state and city teachers' retirement systems and certain members of the state and local employees' retirement system can claim up to 5 years of service credit for private school teaching in New York State.
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Private school teaching credit applies only to schools chartered or registered with the Board of Regents, or private colleges authorized to grant degrees by the Board of Regents.
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Service credit counts toward pension calculations and eligibility for service retirement benefits but cannot be used to compute final average salary.
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Members must make applicable payments (3% of current compensation annually, or 6% for Tier 6 members) and cannot claim credit for service where they are already receiving or will receive benefits from any other public or private retirement system.
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The act takes effect June 30, 2024, with estimated past service costs averaging 18% of affected members' current compensation per year of additional credit (15% for Tier 6 members).
Legislative Description
Provides that a member of the New York state teachers' retirement system or the New York city teachers' retirement system, and certain members of the New York state and local employees' retirement system who are employed by teaching institutions, shall be entitled to obtain credit for up to 5 years of service rendered as a teacher employed by a private elementary or secondary school or by a private college in New York state.
Last Action
referred to governmental employees
5/6/2024