New York A 7838: Grants retroactive membership with Tier 1 status in the New York teachers' retirement system to James J. DeMarco

Bill Text

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A07838 Summary:

BILL NOA07838 

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SAME ASNo Same As

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SPONSORDiPietro

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COSPNSR

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MLTSPNSR

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

Go to top A07838 Actions:

BILL NOA07838 

&nbsp

04/11/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA07838 Committee&nbspVotes:

Go to topA07838 Floor&nbspVotes:

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

Go to topA07838 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7838

 2025-2026 Regular Sessions

 IN ASSEMBLY

 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:

 1 Section 1. Notwithstanding any other law to the contrary, James J.
 2 DeMarco, who was employed as a seasonal employee with the New York power
 3 authority with a start date of July 17, 1969, and who is currently a
 4 retired member of the New York state teachers' retirement system, who
 5 through no fault of his own did not become a member of the New York
 6 state and local employees' retirement system on July 17, 1969 when first
 7 employed by the New York power authority shall be deemed to have been a
 8 member of the New York state and local employees' retirement system on
 9 such date he commenced his employment and shall be granted Tier I
 10 status, provided that an application is filed with the head of the New
 11 York state teachers' retirement system within one year from the effec-
 12 tive date of this act.
 13 § 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.

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