S T A T E O F N E W Y O R K
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7525--A
2017-2018 Regular Sessions
I N A S S E M B L Y
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:
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.
§ 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.
§ 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.