Grants retroactive membership with Tier 1 status in the New York state teachers' retirement system to James J. DeMarco.
Summary
Bill A07838 grants retroactive membership with Tier I status in the New York teachers' retirement system to James J. DeMarco, a retired member who was employed as a seasonal employee with the New York Power Authority starting July 17, 1969. The bill allows Mr. DeMarco to be considered a member of the New York state and local employees' retirement system from the date of his employment, thus enabling him to receive benefits associated with Tier I membership. To benefit from this change, Mr. DeMarco must file an application within one year of the bill's effective date.
Impact
The bill impacts the New York teachers' retirement system by allowing a specific individual, James J. DeMarco, to be reclassified from Tier 2 to Tier 1 membership. This reclassification will result in a recalculation of his pension benefits, retroactively adjusting payments made since his retirement on December 7, 2007. The estimated cost of this benefit is approximately $95,900, which will be borne by the employers of members of the New York State Teachers' Retirement System.
Sentiment
The sentiment surrounding Bill A07838 appears to be neutral, as there are no recorded votes or committee discussions available that indicate strong support or opposition. The bill seems to address a specific case without broader implications for the retirement system or its members, which may contribute to the lack of significant debate.
Contention
There are no notable points of contention reported regarding Bill A07838, as the bill focuses on the individual circumstances of James J. DeMarco. However, potential concerns could arise regarding the precedent it sets for similar cases or the financial implications for the retirement system, though these have not been explicitly discussed in available records.