NY A10388

Deems Margaret Russo a member of the New York City Teachers' Retirement System effective January 1, 1970, when she began employment as a part-time employee with the Brooklyn Public Library (employment ended May 1971).

Reclassifies Russo from Tier 4 membership (current status with membership date of October 1, 1995) to Tier 1 membership retroactive to January 1, 1970.

Russo retains all contributions she has made to the Teachers' Retirement System and is not entitled to any refunds under this act.

Estimated actuarial present value cost increase of approximately $178,000 and unfunded accrued liability increase of approximately $161,000 as of June 30, 2017.

Results in increased employer contributions of approximately $98,000 per year, amortized over Russo's expected remaining working lifetime of three years, with costs first reflected in Fiscal Year 2020.