Senate Bill S4246A

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

                                 4246--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 11, 2015
                               ___________

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:

  Section  1.  Notwithstanding  any  other law to the contrary, James J.
DeMarco, who was employed as a seasonal employee with the New York power
authority with a start date of July 17, 1969, 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
state and local employees' retirement system on July 17, 1969 when first
employed by the New York power authority shall be deemed to have  been a
member  of  the New York state and local employees' retirement system on
such date he commenced his  employment  and  shall  be  granted  Tier  I
status,  provided  that an application is filed with the head of the New
York state teachers' retirement system within one year from  the  effec-
tive date of this act.
  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01297-03-6
              

S. 4246--A                          2

  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $466,000.
  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 2016-13 dated March 4, 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.