NY S08070

Grants Margaret Russo retroactive membership in the New York City Teachers' Retirement System with a membership date of January 1, 1970, based on her part-time employment with the Brooklyn Public Library from January 1970 to May 1971.

Reclassifies Russo from a Tier 4 member (current status as of October 1995) to a Tier 1 member with service credit dating back to January 1970.

No contributions previously made by Russo to the system shall be returned or refunded under this act.

Estimated financial impact includes an increase in actuarial accrued liability of approximately $161,000 and annual employer contributions of approximately $98,000 per year over her remaining three-year working lifetime.

Takes effect immediately upon enactment, with impact first reflected in employer contributions in Fiscal Year 2020.