New York A 5885: Authorizes Jonathan Grossman to apply for a recalculation of his retirement benefits

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A05885 Summary:

BILL NOA05885A

&nbsp

SAME ASSAME AS S05435-A

&nbsp

SPONSORBerger

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

&nbsp

Authorizes Jonathan Grossman to apply for a recalculation of his retirement benefits.

Go to top A05885 Actions:

BILL NOA05885A

&nbsp

02/24/2025referred to governmental employees

01/07/2026referred to governmental employees

02/25/2026amend and recommit to governmental employees

02/25/2026print number 5885a

Go to topA05885 Committee&nbspVotes:

Go to topA05885 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05885 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5885--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 24, 2025
 ___________

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

 AN ACT authorizing Jonathan Grossman to apply for a recalculation of his
 retirement benefits

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Notwithstanding any provision of law to the contrary, Jona-
 2 than Grossman, who joined the New York city teachers' retirement system
 3 as a Tier I member on January 1, 1972, who retired from such system on
 4 September 28, 2010, and who for reasons not ascribable to his own negli-
 5 gence had his retirement benefits calculated without the inclusion of a
 6 lump sum payment for accumulated vacation, shall have his retirement
 7 benefits recalculated with such lump sum payments, including interest
 8 accruing from the date of retirement, if he shall file an application
 9 therefor with the state comptroller on or before one year of the effec-
 10 tive date of this act.
 11 § 2. All past service costs of implementing the provisions of this act
 12 shall be borne by the city of New York.
 13 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 SUMMARY: This proposed legislation would allow Jonathan Grossman, a
 retired Tier 1 member of the New York City Teachers' Retirement System
 (TRS) to have his retirement benefits recalculated to include his lump
 sum payment for accumulated vacation in the calculation of his final
 average salary.

 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
 by Fiscal Year for the first 25 years ($)

 Year TRS

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00846-03-6

 A. 5885--A 2

 2027 0
 2028 378,000
 2029 0
 2030 0
 2031 0
 2032 0
 2033 0
 2034 0
 2035 0
 2036 0
 2037 0
 2038 0
 2039 0
 2040 0
 2041 0
 2042 0
 2043 0
 2044 0
 2045 0
 2046 0
 2047 0
 2048 0
 2049 0
 2050 0
 2051 0

 The entire increase in employer contributions will be allocated to New
 York City.
 PRESENT VALUE OF BENEFITS: The Present Value of Benefits is the
 discounted expected value of benefits paid to current members if all
 assumptions are met.

 INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
 as of June 30, 2026 ($)

 Present Value (PV) TRS

 (1) PV of Employer Contributions: 342,000
 (2) PV of Employee Contributions: 0
 Total PV of Benefits (1) + (2): 342,000

 UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past service.
 For purposes of this Fiscal Note, UAL attributable to inactive members
 was recognized immediately.

 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY

 TRS
 Increase (Decrease) in UAL: 342,000
 Number of Payments: 1
 Amortization Payment: 378,000

 CENSUS DATA: The estimates presented herein are based on preliminary
 census data collected as of June 30, 2025. The census data for the
 impacted population is summarized below.

 A. 5885--A 3

 TRS
 Receiving Members

 - Number Count: 1
 - Average Age: 78.0

 IMPACT ON MEMBER BENEFITS: Mr. Grossman retired as a Tier 1 TRS member
 on September 28, 2010. As of June 30, 2025, Mr. Grossman receives an
 annual retirement allowance of $104,269 per year under the 50% Joint and
 Survivor with Pop-Up payment option.