STATE OF NEW YORK
________________________________________________________________________
7745--A
2023-2024 Regular Sessions
IN ASSEMBLY
June 6, 2023
___________
Introduced by M. of A. TANNOUSIS -- read once and referred to the
Committee on Governmental Employees -- recommitted to the Committee on
Governmental Employees in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT granting retroactive Tier IV membership in the New York city
teachers' retirement system to Matthew DeTiberiis
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law, Matthew DeTi-
2 beriis, who is currently employed by the New York city department of
3 education and a member of the New York city teachers' retirement system,
4 and who was employed by the city of Yonkers parks department for the
5 period beginning in 2009 and ending in 2014, and who, for reasons not
6 ascribable to his own negligence, failed to become a member of the New
7 York state and local employees' retirement system during such employment
8 with the city of Yonkers parks department in 2009, shall be granted
9 service credit in the New York city teachers' retirement system for his
10 employment with the city of Yonkers parks department for the period
11 beginning in 2009 and ending in 2014 and shall be granted Tier IV status
12 in such retirement system, provided that an application is filed with
13 the head of the New York city teachers' retirement system within one
14 year from the effective date of this act.
15 § 2. All past service costs associated with the implementation of this
16 act shall be borne by the city of New York.
17 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY: This proposed legislation would permit Matthew DeTiberiis, an
active Tier 6 member of the New York City Teachers' Retirement System
(TRS), to purchase service with the Yonkers Parks Department and to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08665-05-4
A. 7745--A 2
elect, by filing an application with TRS within one year of the effec-
tive date, retroactive membership in the Tier 4 TRS 55/27 Plan.
EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
by Fiscal Year for the first 25 years ($)
Year TRS
2025 0
2026 14,700
2027 15,000
2028 15,300
2029 15,400
2030 15,700
2031 15,900
2032 16,300
2033 16,700
2034 17,000
2035 17,300
2036 17,600
2037 18,200
2038 19,000
2039 19,500
2040 20,100
2041 20,500
2042 20,900
2043 21,300
2044 14,600
2045 12,600
2046 8,400
2047 4,700
2048 1,600
2049 (800)
Employer Contribution impact beyond Fiscal Year 2049 is not shown.
The entire increase in employer contributions will be allocated to New
York City.
EXPECTED INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
as of June 30, 2024 ($)
Present Value (PV) TRS
PV of Benefits: 90,000
PV of Employee Contributions: (81,000)
PV of Employer Contributions: 171,000
Unfunded Accrued Liabilities: 68,000
PV of Benefits includes the assumed refund of past contributions.
AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
TRS
Number of Payments: 18
Fiscal Year of Last Payment: 2043
Amortization Payment: 7,000
Unfunded Accrued Liability increases were amortized over the expected
remaining working lifetime of Mr. DeTiberiis.
A. 7745--A 3
CENSUS DATA: The estimates presented herein are based on preliminary
census data collected as of June 30, 2023. The census data for the
impacted population is summarized below.
TRS
Active Members
- Number Count: 1
- Average Age: 36.0
- Average Service: 7.0
- Average Salary: 92,200
BACKGROUND: Mr. DeTiberiis is currently employed by the New York City
Department of Education. He joined TRS in September 2016 as a Tier 6
member. Previously he was employed by the City of Yonkers Parks Depart-
ment from September 18, 2009 through February 28, 2014.
The proposed legislation would allow Mr. DeTiberiis to receive service
credit in TRS for his employment with the Yonkers Parks Department and
apply for a Tier 4 membership with a refund of past Tier 6 contributions
that exceed the applicable Tier 4 contribution rate. A change from Tier
6 to Tier 4 would result in an earlier date of retirement eligibility,
lower overall prospective employee contribution rates, a larger benefit,
and a three-year (as opposed to a five-year) final average salary.
ASSUMPTIONS AND METHODS: The estimates presented herein have been
calculated based on the Revised 2021 Actuarial Assumptions and Methods
of the impacted retirement systems.
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the actuarial assumptions, methods, and models used, demo-
graphics of the impacted population, and other factors such as invest-
ment, contribution, and other risks. If actual experience deviates from
actuarial assumptions, the actual costs could differ from those
presented herein. Quantifying these risks is beyond the scope of this
Fiscal Note.
This Fiscal Note is intended to measure pension-related impacts and
does not include other potential costs (e.g., administrative and Other
Postemployment Benefits).
STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
sky are members of the Society of Actuaries and the American Academy of
Actuaries. We are members of NYCERS but do not believe it impairs our
objectivity and we meet the Qualification Standards of the American
Academy of Actuaries to render the actuarial opinion contained herein.
To the best of our knowledge, the results contained herein have been
prepared in accordance with generally accepted actuarial principles and
procedures and with the Actuarial Standards of Practice issued by the
Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2024-35 dated March 21,
2024 was prepared by the Chief Actuary for the New York City Retirement
Systems and Pension Funds. This estimate is intended for use only during
the 2024 Legislative Session.
