S T A T E   O F   N E W   Y O R K
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                                   6843
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              August 2, 2017
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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

 S. 6843                             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.