Bill Text: NY A07525 | 2017-2018 | General Assembly | Amended

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Bill Title: Relates to granting Tier I status in the New York state teachers' retirement system to John J. Trombetta.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2018-06-05 - held for consideration in governmental employees [A07525 Detail]

Download: New_York-2017-A07525-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7525--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                       May 1, 2017
                                       ___________
        Introduced  by  M. of A. FINCH, MORINELLO -- Multi-Sponsored by -- M. of
          A. BARCLAY -- read once and referred to the Committee on  Governmental
          Employees -- recommitted to the Committee on Governmental Employees in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
        AN  ACT  in  relation  to  granting  Tier I status in the New York state
          teachers' retirement system to John J. Trombetta
          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, John J. Trom-
     2  betta, who was employed as an adjunct lecturer at  the  Bronx  community
     3  college  of  the  city university of New York commencing at the start of
     4  the fall semester of 1972 and was thereby eligible to participate in the
     5  New York city teachers'  retirement  system,  and  who  is  currently  a
     6  retired  member  of  the New York state teachers' retirement system, who
     7  through no fault of his own did not become a member of the New York city
     8  teachers' retirement system when he was  first  employed  by  the  Bronx
     9  community  college  of the city university of New York, shall be granted
    10  retroactive membership in the New York state teachers' retirement system
    11  with Tier I status, if within one year from the effective date  of  this
    12  act  he  shall  make a written application to that effect, duly executed
    13  and filed with such retirement system.
    14    § 2. All costs associated with the implementation of this act shall be
    15  borne by the employers of  members  of  the  New  York  state  teachers'
    16  retirement system.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  would  allow John J. Trombetta, a retired Tier 4 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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00741-05-8
        A. 7525--A                          2
        employment as an adjunct lecturer at the Bronx Community College of  the
        City University of New York commencing at the start of the fall semester
        of  1972.  Upon  reclassification  as  a  Tier 1 member, Mr. Trombetta's
        pension  would  be  recalculated with retroactive adjustment to payments
        made since his date of retirement of  July  1,  2014.  Additionally,  he
        would  be refunded the member contributions he made under Tier 4 as well
        as his prior service payments. Mr. Trombetta 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 $110,000. This cost is to be
        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
        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 2018-24 dated May  4,  2018
        prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
        System and is intended for use only during the 2018 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.