NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7745A
SPONSOR: Tannousis TITLE OF BILL:
An act granting retroactive Tier IV membership in the New York city
teachers' retirement system to Matthew DeTiberiis
PURPOSE:
This bill would grant retroactive membership in the New York City Teach-
ers' Retirement System to Matthew DeTiberiis
SUMMARY OF SPECIFIC PROVISIONS:
Section one allows Matthew DeTiberiis to file an application within one
year of this act taking effect for Tier IV status with the New York City
Teachers' Retirement System.
Section two states all past service cost associated with this act shall
be borne by the City of New York. Section three is the effective date.
JUSTIFICATION:
Matthew DeTiberiis is currently employed by the New York City Department
of Education and a member of the New York City Teachers' Retirement
System (NYC TRS). Before joining the NYC TRS he was employed by the City
of Yonkers parks department for the period beginning in 2009 and ending
in 2014. Mr. DeTiberiis, for reasons not ascribable to his own negli-
gence, failed to become a member of the New York state and local employ-
ees' retirement system during such employment with the City of Yonkers
Parks Department in 2009. This bill would grant Mr. DeTiberiis service
credit in the NYC TRS for his employment with the city of Yonkers Parks
Department for the period beginning in 2009 and ending in 2014. Addi-
tionally, the bill grants him Tier IV status in NYC TRS, provided that
an application is filed with the head of the NYC TRS within one year
from the effective date of this act.
LEGISLATIVE HISTORY:
New Bill.
FISCAL IMPLICATIONS:
See fiscal note contained in bill.
EFFECTIVE DATE:
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 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 ($) Year TRS 2025 0 2026 14,700 2027 15,000 2028
15,300 2029 15,400 2030 15,700 2031 15,900 03/22/24 2 08665-05-4 2032
16,300 2033 16,700 2034 17,000 2035 17,300 2036 17,600 2037 18,200 2038
19,000 2039 19,500 2040 20,100 2041 20,500 2042 20,900 2043 21,300 2044
14,600 2045 12,600 2046 8,400 2047 4,700 2048 1,600 2049 (800)
Employer Contribution impact beyond Fiscal Year 2049 is not shown. The
entire increase in employer contributions will be allocated to New York
City.
EXPECTED INCREASE (DECREASE) IN ACTUARIAL LIABILITIES as of June 30,
2024 ($) 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.
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
03/22/24 3 08665-05-4 member. Previously he was employed by the City of
Yonkers Parks Department 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 Depart-
ment 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 retire-
ment 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, demographics of the impacted
population, and other factors such as investment, 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 Zelikovsky 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.
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.
