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S T A T E O F N E W Y O R K
________________________________________________________________________
10475
I N S E N A T E
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
TeachersÆ 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 member of NYSLRS but do not believe it
impairs my objectivity.