Bill Text: NY A06230 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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 - Dead) 2016-05-24 - held for consideration in governmental employees [A06230 Detail]

Download: New_York-2015-A06230-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6230
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 18, 2015
                                      ___________
       Introduced by M. of A. DiPIETRO -- read once and referred to the Commit-
         tee on Governmental Employees
       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    S 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.
         The cost of this benefit is equal to the increase in the present value
       of liabilities, which is estimated to be $437,000.
         Employee data is from the system's  most  recent  actuarial  valuation
       files,  consisting  of  data provided by the employers to the Retirement
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01297-02-5
       A. 6230                             2
       System. Data distributions and statistics can be found in  the  System's
       Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
       reported in the System's financial statements, and can also be found  in
       the CAFR. Actuarial assumptions and methods are provided in the System's
       Actuarial Valuation Report.
         The source of this estimate is Fiscal Note 2015-11 dated March 6, 2015
       prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
       System and is intended for use only during the 2015 Legislative Session.
       I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
       Retirement  System.  I  am a member of the American Academy of Actuaries
       and I meet the Qualification Standards of the American Academy of  Actu-
       aries to render the actuarial opinion contained herein.