Bill Text: NY S05235 | 2023-2024 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Grants retroactive membership with Tier 1 status in the New York state teachers' retirement system to James J. DeMarco.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-03-11 - PRINT NUMBER 5235A [S05235 Detail]
Download: New_York-2023-S05235-Introduced.html
Bill Title: Grants retroactive membership with Tier 1 status in the New York state teachers' retirement system to James J. DeMarco.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-03-11 - PRINT NUMBER 5235A [S05235 Detail]
Download: New_York-2023-S05235-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5235 2023-2024 Regular Sessions IN SENATE February 27, 2023 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT granting retroactive membership with tier I status in the New York teachers' retirement system to James J. DeMarco The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other law to the contrary, James J. 2 DeMarco, who was employed as a seasonal employee with the New York power 3 authority with a start date of July 17, 1969, and who is currently a 4 retired member of the New York state teachers' retirement system, who 5 through no fault of his own did not become a member of the New York 6 state and local employees' retirement system on July 17, 1969 when first 7 employed by the New York power authority shall be deemed to have been a 8 member of the New York state and local employees' retirement system on 9 such date he commenced his employment and shall be granted Tier I 10 status, provided that an application is filed with the head of the New 11 York state teachers' retirement system within one year from the effec- 12 tive date of this act. 13 § 2. This act shall take effect immediately. FISCAL NOTE. -- Pursuant to Legislative Law, Section 50: This bill would allow James J. DeMarco, a retired Tier 2 member of the New York State Teachers' Retirement System, to be reclassified as a Tier 1 member. His date of membership would be changed based upon his employ- ment as a seasonal employee in 1969 for the New York Power Authority. Additionally, Mr. DeMarco's pension would be recalculated with retroac- tive adjustment to payments made since his date of retirement of Decem- ber 7, 2007. Mr. DeMarco must file a written request with the head of the New York State Teachers' Retirement System within one year of the effective date of this bill. The cost of this benefit is equal to the increase in the present value of liabilities, which is estimated to be $91,000. This cost is to be EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00557-02-3S. 5235 2 borne by the employers of members of the New York State Teachers' Retirement System. Member data is from the System's most recent actuarial valuation files, consisting of data provided by the employers to the Retirement System. Data distributions and statistics can be found in the System's Annual Report. System assets are as reported in the System's financial statements and can also be found in the System's Annual Report. Actuar- ial assumptions and methods are provided in the System's Actuarial Valu- ation Report. The source of this estimate is Fiscal Note 2023-7 dated February 27, 2023 prepared by the Office of the Actuary of the New York State Teach- ers' Retirement System and is intended for use only during the 2023 Legislative Session. I, Richard A. Young, am the Chief Actuary for the New York State Teachers' Retirement System. I am a member of the Ameri- can Academy of Actuaries and I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.