S T A T E   O F   N E W   Y O R K
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                                 6528--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              April 4, 2013
                               ___________

Introduced by M. of A. DiPIETRO -- read once and referred to the Commit-
  tee  on  Governmental  Employees  --  recommitted  to the Committee on
  Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

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.
  S 2. This act shall take effect immediately.
  FISCAL NOTE. Pursuant to Legislative Law, Section 50:
  This bill will 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08519-04-4

              

A. 6528--A                          2

  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $416,000.
  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
th CAFR. Actuarial assumptions and methods are provided in the  System's
Actuarial Valuation Report.
  The  source  of  this  estimate is Fiscal Note 2014-29 dated April 10,
2014 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2014 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.