S T A T E O F N E W Y O R K
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6464
2011-2012 Regular Sessions
I N A S S E M B L Y
March 17, 2011
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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, 2011 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 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, 2011.
FISCAL NOTE.--Pursuant to Section 50 of the Legislative Law:
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.
LBD05002-02-1
A. 6464 2
State service, commencing with the payment for the month of September,
2011.
The annual cost to the employers of members of the New York State
Teachers' Retirement System for this benefit is estimated to be $33.8
million or .22% of payroll.
The source of this estimate is Fiscal Note 2011-09 dated March 4, 2011
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2011 Legislative Session.