What's happening
This bill allows James J. DeMarco to retroactively obtain Tier I status in the New York State Teachers' Retirement System.
Why it matters
Sets a legal precedent for individual exceptions. Granting one person (James J. DeMarco) retroactive Tier I status demonstrates how legislative action can be used to address unique or overlooked retirement eligibility cases, potentially encouraging similar requests from others in comparable situations.
Increases pension liabilities for the system. By recalculating Mr. DeMarco’s pension with Tier I benefits dating back to his 2007 retirement, the bill imposes an additional cost (estimated at $486,000) on the employers in the New York State Teachers' Retirement System, which could have implications for the funding and sustainability of the pension system.
Highlights the impact of administrative errors on retirement benefits. The bill acknowledges that Mr. DeMarco failed to join the retirement system "through no fault of his own," underlining how administrative oversights or misunderstandings can have long-term financial effects on employees, and how legislative remedies may sometimes be needed to correct such errors.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Restore Teacher Pension Status
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Held for consideration in governmental employees
- Referred to governmental employees
- Referred to governmental employees
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Restore Teacher's Tier 1 Pension
In Senate Committee · Civil Service And Pensions · Sponsor Patrick M. Gallivan
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7466
2017-2018 Regular Sessions
IN ASSEMBLY
April 26, 2017
Introduced by M. of A. DiPIETRO -- read once and referred to the Committee 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 Assembly, 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 effective date of this act.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--
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 $486,000. This cost is to be
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05916-02-7
A. 7466 2
borne by the employers of members of the New York State Teachers'
Retirement System.
Employee 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
Comprehensive Annual Financial Report (CAFR). System assets are as
reported in the System's financial statements, and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
The source of this estimate is Fiscal Note 2017-14 dated March 31,
2017 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2017 Legislative Session.
I, Richard A. Young, am the Actuary for the New York State Teachers'
Retirement System. I am a member of the American Academy of Actuaries
and I meet the Qualification Standards of the American Academy of Actu-
aries to render the actuarial opinion contained herein.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.