New York S 10475: Relates to authorizing Aileen Monahan to transfer certain service credit to the New York state teachers' retirement system

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S10475 Summary:

BILL NOS10475 

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SAME ASNo Same As

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SPONSORCANZONERI-FITZPATRICK

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COSPNSR

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MLTSPNSR

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Authorizes Aileen Monahan to transfer certain service credit in the NYSLRS to the New York state teachers' retirement system.

Go to top S10475 Actions:

BILL NOS10475 

&nbsp

05/15/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS10475 Committee&nbspVotes:

Go to topS10475 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10475 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10475

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. CANZONERI-FITZPATRICK -- read twice and ordered
 printed, and when printed to be committed to the Committee on Civil
 Service and Pensions

 AN ACT in relation to authorizing Aileen Monahan to transfer certain
 service credit 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 other provision of law, Aileen Monahan,
 2 a member of the New York state teachers' retirement system who retired
 3 on April 30, 2025 with 18.5 years of service, and who was also previous-
 4 ly a member of the New York state and local employees' retirement system
 5 with 2.3 years of service, and who, for reasons not ascribable to her
 6 own negligence, was not granted a transfer of service credit for her
 7 membership in the New York state and local employees' retirement system,
 8 shall be permitted to transfer such service credit to the New York state
 9 teachers' retirement system, and shall have her pension with the New
 10 York state teachers' retirement system recalculated to include the
 11 entirety of her service credits, if she files a request to that effect
 12 with the state comptroller within one year from the effective date of
 13 this act. The increase in pension benefit shall be payable retroactive
 14 to her date of retirement.
 15 § 2. All costs associated with the implementation of this act shall be
 16 borne by the New York state teachers' retirement system.
 17 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would permit Aileen Monahan, a retiree of the New York State
 Teachers� Retirement System (NYSTRS), to transfer 2.3 years of service
 credit earned in the New York State and Local Employees' Retirement
 System (NYSLERS) to NYSTRS and have their pension benefit recalculated.
 Insofar as this bill affects NYSLERS, if enacted into law, there will
 be no additional cost to NYSLERS.
 Summary of relevant resources:
 Membership data as of March 31, 2025 was used to measure the impact of
 the bill, the same data used in the Actuarial Valuations dated April 1,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14983-02-6

 S. 10475 2

 2025. Distributions and other statistics can be found in the 2025 Report
 of the Actuary and the 2025 Annual Comprehensive Financial Report. The
 actuarial assumptions and methods used are described in the 2025 Annual
 Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
 and Regulations of the State of New York: Audit and Control. The fair
 value of assets and GASB disclosures can be found in the 2025 Financial
 Statements and Supplementary Information.
 Assumptions, demographics, and other considerations may have been
 modified to better reflect specific provisions of any proposed benefit
 change(s).
 This fiscal note does not constitute a legal opinion on the viability
 of the bill, nor is it intended to serve as a substitute for the profes-
 sional judgment of an attorney.
 This estimate, dated May 13, 2026, and intended for use only during
 the 2026 Legislative Session, is Fiscal Note Number 2026-195. As Chief
 Actuary of the New York State and Local Retirement System (NYSLRS), I,
 Aaron Schottin Young, hereby certify that this analysis complies with
 applicable Actuarial Standards of Practice as well as the Code of
 Professional Conduct and Qualification Standards for Actuaries Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which I am a member. I am a m