New York S 4490: Authorizes Christine Hasseler to apply for a recalculation of her retirement benefits

Bill Text

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S04490 Summary:

BILL NOS04490A

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SAME ASSAME AS A07785-A

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SPONSORHELMING

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COSPNSR

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MLTSPNSR

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Authorizes Christine Hasseler to apply for a recalculation of her retirement benefits.

Go to top S04490 Actions:

BILL NOS04490A

&nbsp

02/05/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

02/13/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

02/13/2026PRINT NUMBER 4490A

06/04/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

06/04/2026ORDERED TO THIRD READING CAL.1794

06/04/2026PASSED SENATE

06/04/2026DELIVERED TO ASSEMBLY

06/05/2026referred to governmental employees

Go to topS04490 Committee&nbspVotes:

Go to topS04490 Floor&nbspVotes:

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

Go to topS04490 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4490--A

 2025-2026 Regular Sessions

 IN SENATE

 February 5, 2025
 ___________

 Introduced by Sen. HELMING -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions
 -- recommitted to the Committee on Civil Service and Pensions in
 accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT in relation to authorizing Christine Hasseler to apply for a
 recalculation of her retirement benefits

 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,
 2 Christine Hasseler, who joined the New York state teachers' retirement
 3 system as a Tier 1 member on September 1, 1970, who retired from such
 4 system on August 12, 2004, and who for reasons not ascribable to her own
 5 negligence, did not receive her retirement incentive payments from her
 6 employer by the deadline, shall have her final average salary and
 7 pension benefit recalculated to include such payments, without regard to
 8 the actual date of the receipt of such payments. The increase in bene-
 9 fit will be payable retroactive to her date of retirement.
 10 § 2. All costs of implementing the provisions of this act shall be
 11 borne by the employers of members of the New York state teachers'
 12 retirement system.
 13 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 Bill Description:
 This fiscal note is prepared for legislative bill draft #01080-02-5.
 This bill would allow Christine Hasseler, a retired Tier 1 member of the
 New York State Teachers' Retirement System (NYSTRS), to have her pension
 benefit recalculated to include retirement incentive payments she
 received regardless of when those retirement incentive payments were
 made. Ms. Hasseler's pension would be recalculated with retroactive

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01080-03-6

 S. 4490--A 2

 adjustment to payments made since her date of retirement of August 12,
 2004.
 Cost:
 The cost of this benefit is equal to the increase in the present value
 of liabilities, which is estimated to be $68,000. This cost would be
 borne by the employers of members of the New York State Teachers'
 Retirement System.
 Data:
 Member data as of June 30, 2025, prepared for the most recent actuari-
 al valuation was used in determining this cost. The most recent data
 distributions and statistics can be found in the System's Annual Report
 for the fiscal year ended June 30, 2025. System assets are as reported
 in the System's financial statements which can be found in the System's
 Annual Report. This data will also be provided in the System's Actuarial
 Valuation Report as of June 30, 2025.
 Methods and Assumptions:
 A summary of actuarial assumptions and methods will be provided in the
 System's Actuarial Valuation Report as of June 30, 2025. Further details
 can be found in the most recent Recommended Actuarial Assumptions 2025
 Report.
 Actuarial Certification:
 We, the undersigned actuaries for the New York State Teachers' Retire-
 ment System, certify the following:
 1. The actuarial assumptions, methods, and data used are reasonable
 for the purposes of this