NY State Senate Bill 2023-S5235A

Senate Bill S5235A

2023-2024 Legislative Session

Grants retroactive membership with Tier 1 status in the New York teachers' retirement system to James J. DeMarco

download bill text pdf

Current Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 11, 2024	print number 5235a
Mar 11, 2024	amend and recommit to civil service and pensions
Jan 03, 2024	referred to civil service and pensions
Feb 27, 2023	referred to civil service and pensions

Bill Amendments

Original

A (Active)

2023-S5235 - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2013-2014: S4352
2015-2016: S4246
2017-2018: S6843
2019-2020: S3694
2021-2022: S6031

2023-S5235 - Summary

Grants retroactive membership with Tier 1 status in the New York state teachers' retirement system to James J. DeMarco.

2023-S5235 - Sponsor Memo

2023-S5235 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5235
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 27, 2023
                                ___________
 
 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 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 $91,000. This cost is to be

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00557-02-3

 S. 5235                             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, consisting of data provided by the employers  to  the  Retirement
 System.   Data distributions and statistics can be found in the System's
 Annual Report. System assets are as reported in the  System's  financial
 statements and can also be found in the System's Annual Report.  Actuar-
 ial assumptions and methods are provided in the System's Actuarial Valu-
 ation Report.
   The  source  of this estimate is Fiscal Note 2023-7 dated February 27,
 2023 prepared by the Office of the Actuary of the New York State  Teach-
 ers'  Retirement  System  and  is  intended for use only during the 2023
 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.

2023-S5235A (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2013-2014: S4352
2015-2016: S4246
2017-2018: S6843
2019-2020: S3694
2021-2022: S6031

2023-S5235A (ACTIVE) - Summary

Grants retroactive membership with Tier 1 status in the New York state teachers' retirement system to James J. DeMarco.

2023-S5235A (ACTIVE) - Sponsor Memo

2023-S5235A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5235--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 27, 2023
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00557-03-4

 S. 5235--A                          2
 
 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 $93,500. This cost is to be
 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, 2023, 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,
 2023. 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  are  provided  in  the System's Actuarial Valuation
 Report as of June 30, 2023.
   The source of this estimate is Fiscal Note  2024-19  dated  March  11,
 2024  prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for  use  only  during  the  2024
 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.

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