Bill Text: NY A04924 | 2013-2014 | General Assembly | Introduced

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Bill Title: Guarantees each retired member of the New York state teachers' retirement system or the New York city teachers' retirement system a minimum annual pension of $500 a year for each year of full time credited service.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to governmental employees [A04924 Detail]

Download: New_York-2013-A04924-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4924
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 13, 2013
                                      ___________
       Introduced by M. of A. COLTON -- read once and referred to the Committee
         on Governmental Employees
       AN  ACT  to  provide a minimum guaranteed pension for retired members of
         the New York state teachers' retirement system and  of  the  New  York
         city teachers' retirement system
         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 to the contrary,
    2  a retiree of the New York state teachers' retirement system or  the  New
    3  York city teachers' retirement system shall be paid, commencing with the
    4  payment for the month of September, 2013 or the first payment on account
    5  of  his  or  her  retirement, whichever is later, a supplemental pension
    6  which when added to the amount of  the  retiree's  retirement  allowance
    7  shall  equal  five  hundred dollars multiplied by the number of years of
    8  full-time New York state service credited to such retiree at the time of
    9  his or her retirement. Any benefit pursuant to this section shall be  in
   10  lieu  of  the  benefits to which the retiree might otherwise be entitled
   11  pursuant to sections 532 and  532-a  of  the  education  law,  provided,
   12  however,  that in the event that the benefits to which the retiree might
   13  be entitled under such sections are greater than  the  benefit  provided
   14  pursuant to this section, this section shall not apply. For the purposes
   15  of  this  section,  the  retiree's  retirement  allowance  shall  be the
   16  retiree's yearly retirement allowance computed without optional  modifi-
   17  cation, but excluding any annuity derived from contributions made by the
   18  retiree  pursuant  to paragraphs a and b of subdivision 3 of section 516
   19  and sections 528, 529, 530, 533 and 535 of the education law.
   20    S 2. This act shall take effect immediately and  shall  be  deemed  to
   21  have been in full force and effect on and after June 30, 2013.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  would guarantee that each retired member receive a minimum
       annual pension of $500 for each year  of  credited  full-time  New  York
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04178-02-3
       A. 4924                             2
       State  service,  commencing with the payment for the month of September,
       2013.
         The  annual  cost  to  the  employers of members of the New York State
       Teachers' Retirement System for this benefit is estimated  to  be  $31.1
       million or .22% of payroll.
         The  source  of  this estimate is Fiscal Note 2013-8 dated February 7,
       2013 prepared by the Actuary of the New York State Teachers'  Retirement
       System and is intended for use only during the 2013 Legislative Session.
       I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
       Retirement System. I am a member of the American  Academy  of  Actuaries
       and  I meet the Qualification Standards of the American Academy of Actu-
       aries to render the actuarial opinion contained herein.