Senate Bill S4485

                             
                     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.