Bill Text: NY A06662 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to the minimum retirement allowance for members of the New York state teachers' retirement system who retired prior to July 1, 1980.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2021-06-07 - substituted by s6569 [A06662 Detail]

Download: New_York-2021-A06662-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6662

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     March 23, 2021
                                       ___________

        Introduced  by  M.  of  A.  ABBATE  -- (at request of the New York State
          Teachers' Retirement System) -- read once and referred to the  Commit-
          tee on Governmental Employees

        AN ACT to amend the education law, in relation to the minimum retirement
          allowance  for  members  of  the  New  York state teachers' retirement
          system who retired prior to July 1, 1980

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph 1 of subdivision e of section 532 of the educa-
     2  tion law, as amended by chapter 580 of  the laws of 2001, is amended  to
     3  read as follows:
     4    1.  Each  pensioner  of  the retirement system who retired before July
     5  first, nineteen hundred [seventy] eighty shall be paid, commencing  with
     6  a  payment  for  the month of July two thousand [one] twenty-one a basic
     7  supplemental pension, the total of which when added to his or her yearly
     8  retirement allowance computed without optional modification, but exclud-
     9  ing any annuity derived from contributions made by members  pursuant  to
    10  paragraphs a and b of subdivision three of section five hundred sixteen,
    11  section  five  hundred  twenty-eight,  section five hundred twenty-nine,
    12  section five hundred  thirty,  section  five  hundred  thirty-three  and
    13  section five hundred thirty-five of this article, shall equal the lesser
    14  of [seventeen thousand five hundred] nineteen thousand two hundred fifty
    15  dollars  or  the  sum  of  five  hundred fifty dollars multiplied by the
    16  number of years of full-time New York state service not to exceed  thir-
    17  ty-five  years  with  which he or she was credited at the time of his or
    18  her retirement.
    19    § 2. This act shall take effect June 30, 2021, except that if this act
    20  shall have become a law on or after June 30, 2021, this act  shall  take
    21  effect  immediately  and  shall be deemed to have been in full force and
    22  effect on and after June 30, 2021.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10601-01-1
        A. 6662                             2

          This bill would extend the minimum retirement  benefit  provision  for
        retirees  of the New York State Teachers' Retirement System contained in
        Section 532(e) of the Education Law to members who retired  before  July
        1,  1980.  Currently  only  members  who retired before July 1, 1970 are
        eligible. Additionally, the minimum annual benefit would be increased to
        $550  for  each year of credited full-time New York State service, up to
        35 years, for a maximum benefit of $19,250.  The  benefit  is  currently
        $500  for  each  year  up  to  35, for a maximum benefit of $17,500. The
        increased benefit would commence with a payment for the  month  of  July
        2021.
          The  annual  cost  to  the  employers of members of the New York State
        Teachers' Retirement System for this benefit is estimated to be $192,000
        or .001% of payroll if this bill is enacted.
          Member data is from  the  System's  most  recent  actuarial  valuation
        files,  consisting  of  data provided by the employers to the Retirement
        System.  Data distributions and statistics can be found in the  System's
        Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
        reported in the System's financial statements and can also be  found  in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The  source  of  this estimate is Fiscal Note 2021-1 dated October 14,
        2020 prepared by the Actuary of the New York State Teachers'  Retirement
        System and is intended for use only during the 2021 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.