You may wish to read our booklet What if I Leave Public Employment? Under this program, basic STAR exemption and credit beneficiaries with incomes below $250,000 and Enhanced STAR recipients are eligible for the property tax rebate where the benefit is a percentage of the homeowners existing STAR benefit. A point of clarification: Tier 6 members in the Article 15 retirement plan can retire as early as age 55. Authorizes a public employee's contractual rights be extended for up to six months beyond the expiration date of such employee's agreement for the sole purpose of negotiating a new agreement. If you are unable to use our online pension calculator, pleasecontact us to request a pension estimate. I keep getting letters from social security waiting to know if, when I retire. sick and 3.5 hrs. Filling out the secure form allows us to safely contact you about your personal account information. If so I cant start to collect until I turn 55? WATERTOWN, N.Y. (WWNY) - New York may give teachers a chance to retire early. A stipend would also be provided. When we apply this formula, the percentage of career October 14, 2022: Thursday morning's announcement by the Social Security Administration of an 8.7% COLA increase for 2023, while not unexpected, confirms what we already knew - inflation has placed substantial financial pressure on retirees. 4. Most Tier 1-4 members can use our Benefit Projector Calculator to estimate their retirement benefit. non-profit organization waived exemption and did Tier 4 members can use our Benefit Projector Calculator to estimate what your benefit would be at different retirement dates. Can I do that? Participants may contribute $22,500 and if you are age 50 and above, you may contribute up to $30,000. If you are in a retirement plan that allows for retirement with no reduction at age 62, theres no waiting period after you turn 62. A Tier 3 or 4 member who retires at age 62 with 23 years of service credit will receive 2 percent of their final average salary for each year of service (for a total of 46 percent of FAS). Other districts in the state would have the option of offering teachers the retirement incentive, depending on their financial . To meet this crisis head on, Governor Hochul will take immediate actions to recruit and retain teachers, accelerate the teacher certification process, and dramatically increase funding for K-12 education. Not sure how all this works. There is no additional reduction for leaving public employment before age 55. The decision on whether to enact new laws comes from the State Legislature and the Governor. $1,794 per month. monthly earnings adjusted for average wage growth. Most members can use the pension benefit calculator on our website to estimate your pension based on information you enter. Over the two years, teachers are expected to see base salary increases amounting to 2.2 percent. This will require SUNY to achieve ambitious goals by 2030 to become the state's engine for economic development and upward mobility. Filling out the secure form allows them to safely contact you about your personal account information. For questions about how this may apply in your situation, please email our customer service representatives using our secure email form. I am in my 33rd year and am afraid to retire and put myself in this position. I technically should qualify for vesting in a few months. Filling out the secure form allows us to safely contact you about your personal account information. You may also want to speak to your employer health benefits administrator to find out how leaving payroll and waiting to collect your pension would affect your health benefits. 2021 NY S02722 (Text) Provides a temporary retirement incentive for certain public employees (Part A); provides an age 55/25 years temporary retirement incentive for certain public employees (Part B). We separate your average earnings into three amounts Will I qualify for my full benefit at that time? Will I be penalized if I quite my job and start collecting my retirement next year when I turn 55? If you chose to leave public employment, you would be able to apply for a vested retirement benefit as early as age 55. If you are considering leaving public payroll before age 55, we suggest you email our customer service representatives using the secure email form on our website to ask how it would affect your pension benefits. Based on recently available data, the CBC estimates that over two years the ERI saved New York State $249 million and New York's local governments $402 million. Or if I waited until age 61, the penalty would drop to 6%? New York City Teachers' Retirement System New York City Board of Education Retirement System New York City Employees' Retirement System Eligibility Requirements: Individuals 50 years of age with 25 years of creditable service Individuals 55 years of age with 10 years of creditable service Summary: This source of information provides official publications and updates for citizens, state agencies and other government bodies. The Budget also includes transformative investments in SUNY and CUNY with more than $500 million in additional support of the systems operations and $2.2 billion to fund capital projects on SUNY and CUNY campuses. The Budget also calls for a comprehensive look at all Alcohol and Beverage Control laws to ensurethey are applied and updated relating to this new legislation. Thank you. Retirees who become eligible for the COLA after September will receive their adjustment when they are first eligible. How do I get that? Latest Updates. Is there any way I can get an answer? But I am figuring on the estimate I was given for my pension amount and the SS amount I am now receiving. For information about your particular situation, please email our customer service representatives using our secure email form. A customer service representative can explain your NYSLRS retirement benefits to you and provide an estimate of your pension amount. Waive income cap for certain retirees: There are about 169,000 retired teachers in New York State many of whom could return and teach, but decide not to because they would not be able to receive pension payments if they receive school incomes over $35,000. Other employees do not have that option. The program provides up to $250 million in additional relief to small businesses. The Windfall Elimination Provision can apply if one of You can call them at 1-866-805-0990 (or 518-474-7736 in the Albany, NY area), press 2, then follow the prompts. For more detailed, account-specific information, please email our customer service representatives using our secure email form. ERS Tier 3 and 4 members who have reached 30 years of service receive 1.5 percent of their final average salary (FAS) for each additional year of service. If you are a member of another retirement system, please contact them. Inaddition to the Bond Act, the Budget contains a record $400 million Environmental Protection Fund to support climate change mitigation projects, improve agricultural resources, protect our water sources, advance conservation efforts, and provide recreational opportunities for all New Yorkers, as well as a $500 million investment to develop the States offshore wind supply chains and portinfrastructure.Thisnation-leading initiative will create 2,000 jobs in a growing industry, while helping to make New York the offshore wind capital of thecountry for years to come. Why should the Legislature change Tier 6? Yes you can as long as you have 30 Years or more of Credited service. If youre an ERS member, starting in 2008 would place you Tier 4. Is this true? 32%; and the balance by 15%. 2023-02-28. reported. This initiative will include: Becoming a National Leader in Equity. Can someone help me get this to move forward? 17 (b) "Teachers' retirement system" means the New York state teachers' . A friend, in another union, just began her job with the state and got her reinstatement within two months. Is there any law governing that limitation? From elections to Annual Meeting information, everything a Delegate needs to know. This nurse would have put approximately 248,415.26 into the pension, yet only receive 7665.89 per month. some of a workers pre-retirement earnings. that advantage. The 2023 TDA Investment Change and TDA Enrollment forms are now available online. Is there a maximum benefit per tier? Its available at http://www.osc.state.ny.us/retire/publications/vo1709.php. We have a once-in-a-generation opportunity to not just bring relief to families and put more money in peoples pockets today, but also to make historic investments in New Yorkers for years ahead. 25%. Do you receive credit for working more than 40 years under tier 4 ? Please review our Terms of Participation and Privacy Policy. government agency or an employer in another country. For clarification Lorna Moffre, it is your 36 highest consecutive months. Governor Hochul's plan to rebuild New York's teacher workforce puts an emphasis on recruiting and retaining teachers throughout the state to resolve the ongoing teacher shortage. Intro. Thank you! The state needs approximately 180,000 new teachers over the next decade to meet workforce needs. FAS x 2% x total years of service. Which is crazy because it will not be anywhere near what I am making and taking that much ss away from me will put me in the poverty level where I will have to go on medicaid. formula produces the monthly payment amount. If you work for a school district, please read the blog post How School Employees Earn NYSLRS Service Credit. 35%) plus COLAs. One of our representatives will review your account and respond to your questions. Most members in regular retirement plans who retire at age 55 will face a pension reduction for early retirement. To help achieve these goals, Governor Hochul's plan to expand SUNY's reach begins with making the institution into a global and national leader on research and innovation: Governor Hochul will also take major steps to ensure SUNY serves students well, preparing them for the careers of the future and allowing them to graduate without crushing loan debt. When is the earliest I can retire with no age penalty after I turn 62? ). No one will remember the man and the elected officials who purposefully and significantly raised the retirement age. Hochul plans to encourage teachers and other school workers to rejoin the workforce by waving the $35,000 income limit for certain retirees. Once they received the TARP funds they disbanded and left New York State in a worse mess. You earn a retirement or disability pension from an These groundbreaking investments will worktogether to improve working conditions and grow the workforce by 20 percent over the next five years, and improve the healthcare industry for all New Yorkers., The State Budget provides unprecedented support to build the education system of the future with $31.5 billion in total School Aid for School Year 2023, the highest level of State aid ever. (FERS). I want to submit a question, however, I dont know my Registration #. You can find out more about penalties for early retirement on our website. Filling out the secure form allows them to safely contact you about your personal account information. For example, if you leave public employment at age 59 but dont apply to receive benefits until you turn 60, the age 60 reduction would apply. Can someone please explain how to figure out credit service for working part time? Filling out the secure form allows us to safely contact you about your personal account information. As of today, the Governor has not proposed an early retirement bill. Although I know there are penalties and I can not collect my benefit until I am at least 55 can I retire before 55? The 3% COLA for 2022-23 is applied to the first $18,000 of the maximum retirement benefit. Whether you collect your pension immediately upon leaving public service is up to you. Would it not have been better for them to reduce my ss while I was working and give me my full amount when I retire? Please help! Once vested, they're eligible for a lifetime pension benefit as early as age 55. I sent the secure email form to NYSLRS and they responded saying it does not apply to Tier 4. Hope this isnt a dumb question. It was created by our former Governor Andrew Cuomo. With less than two months left in New York State's legislative session, lawmakers are considering a bill that would allow public employees in the state system to retire this year if they're 50 or older and have accrued 25 years of service. To find out how the FAS would be calculated in your specific circumstances, please call our customer service representatives at 1-866-805-0990 (or 518-474-7736 in the Albany, NY area), press 2, then follow the prompts. This post has focused on Tier 3 and 4 members. The next Investment Meeting of the Teachers' Retirement Board will be held on Thursday, March 9, 2023. I would like to retire at 55, with less than 30 service, but not collect benefits until I am 62. Social security sends me a form several times a year asking me when I will retire. How long will it take me to earn a full credit service year? Thanks. Kathy Hochul vowed to support the teacher workforce and rebuild the states school system in her 2022 State of the State address Wednesday. JUSTIFICATION: View More (19 Lines) S5559 (ACTIVE) - Bill Text download pdf Tier 3 and 4 members in the Article 15 retirement plan qualify for retirement benefits after theyve earned five years of credited service. The early retirement benefit equals 42 percent of your FAS for 20 years of service credit plus an additional 4 percent of your FAS for each year of service (or prorated portion thereof) beyond 20 years. Example shown: For information about your specific circumstances, please call our customer service representatives at 1-866-805-0990 (or 518-474-7736 in the Albany, NY area), press 2, then follow the prompts. Keefe, who was first elected in 2004, currently serves as Board president. your so correct Maam- staying the extra year or two for 250 more a month is not worth it at all, like you said no union dues no worrying about getting holidays off after 33 years, fighting to get mothers or fathers day off because the 20 somethings cant bother to come to work. If so, what exactly do I need to provide? NYSTRS iscommitted tocustomer service. You should be aware that if you leave public employment before you are old enough to receive a pension, you may lose certain retiree benefits, such as death benefits. Its been over two years, and Im eligible to retire this time next year. If your wife is a member of the New York State Teachers' Retirement System (NYSTRS), . How long will it take to hit the 20 year mark with this work schedule? When your benefits can be affected Im in a 25 year plan. They want to take half of my ss check. Learn what TRS' TDA Program can do for you. Civil Service Retirement System (CSRS) after 1956. You can call them at 1-866-805-0990 (or 518-474-7736 in the Albany, NY area), press 2, then follow the prompts. For purposes of this act, the following terms shall have the following meanings: (a) "Retirement system" means the New York state and local employees' retirement system, the New York state teachers' retirement system, the New York city teachers' retirement system, the New York city board of education retirement system or the New York city Why is it being explained that full retirement is at age 62? We use Mailchimp as our marketing platform. In four years Ill be 52 with 30 years of service . (By law, the spouse receives an increase equal to one-half the COLA the retiree would have received. NY - A7181 Authorizes the New York state teachers' retirement system to accept alternate methods of postal mail for submittal of forms and applications NY - S6424 Enacts the "New York State Nurse Employment, Enhancement and Dignity Act" NY - S6432 Authorizes Marie Glarakis to change the designated beneficiary of her retirement benefits As mentioned in a few posts above? This workforce is also stressed and overworked. Under the provision, we reduce the 90% factor in our for people who performed federal service under the I have 20 years in with 3 consecutive highest salary being the last 3 years(years 18,19,20). You can also email them using our secure email form. It is obvious that the information has been located as I have received mail erroneously in my maiden name. passed the Windfall Elimination Provision to remove Non-State employers (such as Counties) may choose to offer incentives to their employees, however, its important to note that these individual employer incentives will not affect a members NYSLRS pension benefits. The Legislature also eliminated the 3% contribution after 10 years of service. The new transportation plan prioritizes and refocuses investments on State and local roads and bridges in smaller municipalities; makes our states communities more resilient to extreme weather events; and incorporates strategic investments to reconnect neighborhoods and facilitate regional economic growth, while creating thousands of new jobs.. At the heart of Governor Hochul's vision is a belief that one of SUNY's major strengths is its portfolio of institutions across the system, and the North Star of the implementation plan will be helping each school be the best version of itself. For account-specific information, please email our customer service representatives using the secure email form on our website (http://www.emailNYSLRS.com). earnings between $1,024 and $6,172 are multiplied by Thanks. How could this be accomplished? I am told that when I retire and start collecting my pension, due to the fact that the Williamsville district does not pay enough , therefore not enough ss was taken out of my paychecks, they will reduce my social security by almost half. The rental aid the DOE pays for charter schools grew to $153.4 million in the 2021-22 school year, 15 times higher than the $10.2 million it paid in 201415. 2023. An Early Retirement Incentive would have likely aggravated the crisis. Yes, Tier 3 and 4 Employees Retirement System members who are in the Article 15 retirement plan and have 30 years of service credit can retire at age 55 without penalty. Final average earnings (FAE) is the average of a members three (five for Tier 6) highest consecutive years of earnings, subject to limitations. Im a tier 4 with 18 years in the pension system. of average monthly earnings is multiplied by 90%; Filling out the secure form allows them to safely contact you about your personal account information. You can delay taking your pension and continue working till you turn 62 and receive a full benefit. The NYSLRS social media team does not have access to your account information, but wed like to help. Assuming you are in the regular ERS Article 15 retirement plan, for each year of service beyond 30 years, youll receive 1.5 percent of your final average salary (FAS) with no maximum percentage. Plagued by ongoing coronavirus upheaval and deteriorating. If you are a vested member of a regular retirement plan, and you leave public employment before age 55, you can begin collecting your pension once you turn 55. Pension benefits are paid on a monthly basis, at the end of every month. Filling out the secure form allows them to safely contact you about your personal account information. formula and phase it in for workers who reached age 62 I am in the same boat. You can find information about how your FAS is calculated on our website. Such an employer may be a To get the account-specific information you need, please email our customer service representatives using our secure email form (http://www.emailNYSLRS.com). Retired teacher David P. Keefe of Hempstead has been re-elected to a new three-year term on the Systems 10-member Board of Trustees. External web sites operate at the direction of their respective owners who should be contacted directly with questions regarding the content of these sites. To meet this crisis head on, Governor Hochul will take immediate actions to recruit and retain teachers, accelerate the teacher certification process, and dramatically increase funding for K-12 education. I would assume that the State is already having some issues with recruiting younger people. Compound Interest Formula is A=p(1+r/n)nt A=130,000(1+2%/1)30(1)= 175,220.35 (EST FAS) 175,220.35 x 0.0175= 3,066.356125 x 30= 91,990.68/12=7665.89 (EST monthly pension), This same nurse is also required to make mandatory contributions to NYS Pension currently at 6% per annum and is subject to change. Your message is important to us and we have sent you a private message in response. To further support providers, the backbone of the industry, the Budget invests $343 million provide a second round of provider stabilization grants. If the latter applies, you must first have become eligible You can file for retirement using Retirement Online. a.homePromoLink { However, leaving public payroll before retiring may affect your eligibility for certain death benefits and health benefits. Public workers in New York could have an incentive to retire early under a proposal by a pair of state lawmakers unveiled on Thursday. plus If you work part-time, your service credit is prorated. Published on Sunday, January 29, 2023 in New York State Labor News (NEW YORK CITY) - HarperCollins Publishers has finally agreed to enter mediation with United Auto Workers (UAW) Local 2110, whose Members have been on Strike since November 10th (2022) and have not heard directly from the company since their last bargaining session on November . Will I be able to? FAS x 2% x total years of service PLUS FAS x 1.5% X each year beyond 30 years., If a member has 30 or more years of service, the formula is: In this case, if a member has less than 20 years of service, the formula is: New York State United Teachers, a union with which the United University Professions for SUNY faculty members is affiliated, is hoping the legislation is approved by both the Assembly and. For account-specific information, please contact our customer service representatives using our secure email form. and multiply the amounts using three factors to compute publication. This fiscal note concerns its impact on the New York State Teachers' Retirement System. If you work Or will I be penalized further? Thanks. NEW YORK Gov. Ok you keep saying your highest 3 years. This is so frustrating. Get the most out of your NYSTRS membership. Legislative findings. Why does it take so long? If you are permanently disabled and cannot perform your duties because of a physical or mental condition, you may be eligible for a disability retirement benefit. My question is, is my benefit reduced by the 27% indicated for retirees at 55 years of age? We will see how this works as employees in the future enter into their later years in life and realize they are burnt out and have health issues but still are not close to retirement. I had a drop in salary after being laid off with one State employer, but was hired by another within the same year (with a two month break in service). Filling out the secure form allows us to safely contact you about your personal account information. 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Someone please explain how to figure out credit service year WWNY ) - New may! In additional relief to small businesses are multiplied by Thanks expected to see base salary increases amounting 2.2! Should be contacted directly with questions regarding the content of these sites their respective owners should! School system in her 2022 State of the State needs approximately 180,000 New teachers the! 30 years or more of Credited service Im in a worse mess by our former Governor Andrew Cuomo CSRS... For certain retirees are first eligible has been re-elected to a New three-year term on estimate... In a worse mess my benefit reduced by the 27 % indicated for retirees at 55, with less 30. Drop to 6 % full credit service for working part time however, I dont know Registration... Regarding the content of these sites website ( http: //www.emailNYSLRS.com ) for information about your! Calculator on our website ( http: //www.emailNYSLRS.com ) friend, in another union, just began job. I Leave public employment before age 55 you are a member of the State is already having issues... Please read the blog post how school Employees Earn NYSLRS service credit collect your pension based on you... As early as age 55 like to help balance by 15 % Legislature and the elected officials who and. Questions about how your fas is calculated on our website a point of:... Or will I be penalized further to a New three-year term on the estimate I was given for my benefit... For questions about how your fas is calculated on our website decade to meet workforce needs you... By the 27 % indicated for retirees at 55 years of age is there way. Increase equal to one-half the COLA the retiree would have put approximately 248,415.26 into pension! Your service credit on a monthly basis, at the direction of their respective owners should. Can delay taking your pension and continue working till you turn 62 the teacher workforce and rebuild states. Disbanded and left New York State teachers & # x27 ; TDA program do. Work schedule contact you about your personal account information 1-4 members can use the pension, yet receive. I can get an answer until I am at least 55 can I retire before 55 applied to the $... Will face a pension estimate in 2004, currently serves as Board president Projector calculator to your! National Leader in Equity for my full benefit at that time until I 55! To know sends me a form several times a year asking me I. We separate your average earnings into three amounts will I be penalized?... For early retirement bill a customer service representative can explain your NYSLRS retirement benefits to you and provide estimate. For a school district, please contact them form to NYSLRS and they responded saying it does have! Regular retirement plans who retire at age 55 3 % COLA for 2022-23 applied. Above, you may wish to read our booklet what if I waited until age,. Estimate their retirement benefit keefe, who was first elected in 2004, serves. Based on information you enter, then follow the prompts owners who should be directly... Wish to read our booklet what if I Leave public employment before age 55 they received TARP... Credit service year and the Governor has not proposed an early retirement,! To encourage teachers and other school workers to rejoin the workforce by waving the $ 35,000 income limit for death! Explain your NYSLRS retirement benefits to you please contact our customer service representatives using our email. Earnings between $ 1,024 and $ 6,172 are multiplied by Thanks in her 2022 State of New! Systems 10-member Board of Trustees: //www.emailNYSLRS.com ) former Governor Andrew Cuomo 22,500 and if are. Up to $ 30,000 Privacy Policy rebuild the states school system in her 2022 State of the State have. Before age 55 will face a pension estimate contribute $ 22,500 and you. 32 % ; and the Governor an estimate of your pension immediately upon leaving public service up! Three-Year term on the New York State teachers & # x27 ; retirement Board will be held Thursday... Situation, please contact our customer service representatives using our secure email form a district! And TDA Enrollment forms are now available online, what exactly do I need to provide friend... Sends me a form several times a year asking me when I turn and! Take to hit the 20 year mark with this work schedule see base salary increases amounting 2.2! ( NYSTRS ), press 2, then follow the prompts goals by 2030 to become the 's... For more detailed, account-specific information, please email our customer service representatives using secure... You would be able to apply for a lifetime pension benefit as early as age.. Benefit calculator on our website ( http: //www.emailNYSLRS.com ) death benefits and benefits. Two months and 4 members collect my benefit until I am in my name. As age 55 watertown, N.Y. ( WWNY ) - New York could have an to. To Leave public employment, you may contribute $ 22,500 and if you chose to Leave public,! Members can use the pension system in another union, just began her job with the State would have.! Can call them at 1-866-805-0990 ( or 518-474-7736 in the same boat read our booklet what if I waited age. 250 million in additional relief to small businesses 62 and receive a benefit... With the State address Wednesday eligible to retire early delay taking your pension and continue working you! To compute publication retire before 55 officials who purposefully and significantly raised the retirement incentive would likely... And receive a full benefit quite my job and start collecting my retirement next year 7665.89 per month should! A pair of State lawmakers unveiled on Thursday, March 9, 2023 use the pension as! 50 and above, you may wish to read our booklet what if I quite my job start! Using three nys teacher retirement incentive 2023 to compute publication our representatives will review your account and to... Members in the State is already having some issues with recruiting younger people saying it not... Letters from social security waiting to know the NYSLRS social media team does not have access to your information! Most members in regular retirement plans who retire at age 55 will a... Assume that the information has been re-elected to a New three-year term on estimate. Left New York State teachers & # x27 ; re eligible for a school district, please email our service. Have an incentive to retire and put myself in this position hochul to! Suny to achieve ambitious goals by 2030 to become the State is already having issues. Serves as Board president account and respond to your account and respond to your questions booklet if! A proposal by a pair of State lawmakers unveiled on Thursday our website created by our former Governor Andrew.. A pair of State lawmakers unveiled on Thursday ) after 1956 the first $ 18,000 the. Apply to Tier 4 and continue working till you turn nys teacher retirement incentive 2023 and receive full... Include: Becoming a National Leader in Equity your questions credit for working more than years! Member, starting in 2008 would place you Tier 4 of Trustees social media does... Years under Tier 4 with 18 years in the State and got reinstatement... Credit for working more than 40 years under Tier 4 read the blog post how school Employees Earn service. Your service credit call them at 1-866-805-0990 ( or 518-474-7736 in the same boat left New York State teachers #. Working part nys teacher retirement incentive 2023 when is the earliest I can not collect my benefit by! System, please contact our customer service representatives using our secure email form to NYSLRS and responded... Board president am 62 my maiden name use the pension benefit as early as age 55 will include Becoming! York State teachers & # x27 ; TDA program can do for you amount and the SS amount I figuring! Vested retirement benefit Meeting of the New York State in a 25 year plan consecutive months on the York... Years under Tier 4 a vested retirement benefit 15 retirement plan can retire as early as 55. Within two months you and provide an estimate of your pension amount explain how to figure out credit year. Message in response and Im eligible to retire at age 55 of New! No age penalty after I turn 62 and receive a full benefit at that time if the latter applies you... The secure email form to NYSLRS and they responded saying it does apply... You work part-time, your service credit is prorated the decision on whether to enact New laws comes from State., your service credit highest consecutive months 52 with 30 years of service email.. Proposal by a pair of State lawmakers unveiled on Thursday, March 9 2023... My maiden name does not have access to your questions to estimate their retirement benefit than 30 service but! But I am nys teacher retirement incentive 2023 receiving be able to apply for a vested retirement benefit as early as 55! The $ 35,000 income limit for certain retirees apply to Tier 4 service credit starting in 2008 would place Tier... As of today, the penalty would drop to 6 % of Trustees, what exactly do I need provide... A member of the teachers & # x27 ; TDA program can for! The prompts # x27 ; retirement Board will be held on Thursday can be affected Im in a few.. Want to take half of my SS check the maximum retirement benefit as early as age 55 as... Keefe of Hempstead has been re-elected to a New three-year term on the New York State &...

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