Senate Bill S5855A

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5855--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                                May 3, 2017
                                ___________
 
 Introduced  by  Sen.  DeFRANCISCO -- 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 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.
              

                                                            LBD00741-06-8

 S. 5855--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.