Assembly Bill A10431

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10431

                          I N  A S S E M B L Y

                              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:

  Section 1. Notwithstanding any other provision of law, John  J.  Trom-
betta,  who  was  employed 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 and was thereby eligible to participate in the
New  York  city  teachers'  retirement  system,  and  who is currently a
retired member of the New York state teachers'  retirement  system,  who
through no fault of his own did not become a member of the New York city
teachers'  retirement  system  when  he  was first employed by the Bronx
community college of the city university of New York, shall  be  granted
retroactive membership in the New York state teachers' retirement system
with  Tier  I status, if within one year from the effective date of this
act he shall make a written application to that  effect,  duly  executed
and filed with such retirement system.
  S 2. All costs associated with the implementation of this act shall be
borne  by  the  employers  of  members  of  the New York state teachers'
retirement system.
  S 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.