Bill Text: NY A10431 | 2015-2016 | General Assembly | Introduced

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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 1-0)

Status: (Introduced - Dead) 2016-05-27 - referred to governmental employees [A10431 Detail]

Download: New_York-2015-A10431-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10431
                   IN ASSEMBLY
                                      May 27, 2016
                                       ___________
        Introduced  by M. of A. FINCH -- read once and referred to the Committee
          on Governmental Employees
        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
        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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11112-03-6
        A. 10431                            2
        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 $97,000.
          Employee  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  2016-23  dated  April  25,
        2016  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2016 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.