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