New York S 5435: Grants service credit to members of the uniformed correction force of the New York city department of correction covered by provisions of law for over 25 years

Bill Text

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S05435 Summary:

BILL NOS05435A

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SAME ASSAME AS A05885-A

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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

Go to top S05435 Actions:

BILL NOS05435A

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02/21/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

05/18/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

05/18/2026PRINT NUMBER 5435A

Go to topS05435 Committee&nbspVotes:

Go to topS05435 Floor&nbspVotes:

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

Go to topS05435 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5435--A

 2025-2026 Regular Sessions

 IN SENATE

 February 21, 2025
 ___________

 Introduced by Sen. COMRIE -- 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 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.
 LBD00846-04-6

 S. 5435--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.

 S. 5435--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