S T A T E O F N E W Y O R K
________________________________________________________________________
4485
2025-2026 Regular Sessions
I N S E N A T E
February 5, 2025
___________
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 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 to July 17, 1969 based
upon his employment as a seasonal employee for the New York Power
Authority. Additionally, Mr. DeMarco's pension would be recalculated
with retroactive adjustment to payments made since his date of retire-
ment 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 $95,900. This cost is to be
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02652-02-5
S. 4485 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
as of June 30, 2024, consisting of data provided by the employers to the
Retirement System. The most recent data distributions and statistics can
be found in the System's Annual Report for fiscal year ended June 30,
2024. System assets are as reported in the System's financial statements
and can also be found in the System's Annual Report. Actuarial assump-
tions and methods will be provided in the System's Actuarial Valuation
Report as of June 30, 2024.
The source of this estimate is Fiscal Note 2025-5 dated February 4,
2025 prepared by the Office of the Actuary of the New York State Teach-
ers' Retirement System and is intended for use only during the 2025
Legislative Session. I, Richard A. Young, am the Chief Actuary for the
New York State Teachers' Retirement System. I am a member of the Ameri-
can Academy of Actuaries and I meet the Qualification Standards of the
American Academy of Actuaries to render the actuarial opinion contained
herein.