S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7838
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 11, 2025
                                ___________
 
 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.--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
              

 A. 7838                             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.