NY S08220

Reclassifies Cynthia Falletta from Tier IV to Tier I status in the Teachers' Retirement System of the City of New York, effective upon application submission by December 31st of the year the act becomes law.

Recognizes her membership date as June 1, 1972, based on her employment with the City University of New York from June 1, 1972 to April 8, 1976 and June 22, 1976 to October 28, 1976.

Increases her annual retirement allowance from $48,243 to an estimated $64,822, with the City of New York responsible for all additional costs; Falletta remains responsible for required Tier I member contributions.

Creates an estimated $259,000 increase in the unfunded actuarial accrued liability of the Teachers' Retirement System as of June 30, 2016, to be recognized in the first year since Falletta is already retired.

Takes effect immediately upon enactment.