Bill Text: NY S04352 | 2013-2014 | General Assembly | Amended
Bill Title: Grants retroactive membership with Tier 1 status in the New York teachers' retirement system to James J. DeMarco.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-06-20 - COMMITTED TO RULES [S04352 Detail]
Download: New_York-2013-S04352-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4352--A
2013-2014 Regular Sessions
I N S E N A T E
March 21, 2013
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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 will 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08519-03-4
S. 4352--A 2
The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $416,000.
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
th CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
The source of this estimate is Fiscal Note 2014-29 dated April 10,
2014 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2014 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.
