S T A T E   O F   N E W   Y O R K
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                                   7466
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 26, 2017
                                ___________
 
 Introduced by M. of A. DiPIETRO -- read once and referred to the Commit-
   tee on Governmental Employees
 
 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.--
   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 based upon his employ-
 ment  as  a  seasonal employee in 1969 for the New York Power Authority.
 Additionally, Mr. DeMarco's pension would be recalculated with  retroac-
 tive  adjustment to payments made since his date of retirement of Decem-
 ber 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 $486,000. This cost  is  to  be
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD05916-02-7

 A. 7466                             2
 
 borne  by  the  employers  of  members  of  the New York State Teachers'
 Retirement System.
   Employee  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  2017-14  dated  March  31,
 2017  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2017 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.