Senate Bill S6031

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6031
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2021
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 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.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill (legislative bill draft 08825-01-1)  would  allow  James  J.
 DeMarco, a retired Tier 2 member of the New York State Teachers' Retire-
 ment  System, to be reclassified as a Tier 1 member. His date of member-
 ship would be changed based upon his employment as a  seasonal  employee
 in  1969  for  the New York Power Authority. Additionally, Mr. DeMarco's
 pension would be recalculated with retroactive  adjustment  to  payments
 made  since his date of retirement of December 7, 2007. Mr. DeMarco 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 $85,000. This cost is to be
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD08825-02-1

 S. 6031                             2
 
 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
 Annual Report. System assets are as reported in the  System's  financial
 statements and can also be found in the Annual Report. Actuarial assump-
 tions  and  methods  are  provided  in  the System's Actuarial Valuation
 Report.
   The source of this estimate is Fiscal Note  2021-23  dated  March  30,
 2021  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2021 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.