Bill Text: NY A08295 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 8295 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relates to the miscalculation of benefits paid to Katherine Sweeney.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Vetoed) 2020-11-30 - tabled [A08295 Detail]

Download: New_York-2019-A08295-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                          8295

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 13, 2019
                                       ___________

        Introduced  by M. of A. SALKA -- read once and referred to the Committee
          on Governmental Employees

        AN ACT relating to the miscalculation  of  benefits  paid  to  Katherine
          Sweeney

          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  Katherine Sweeney, a member of the New York state  teachers'  retirement
     3  system  from  June  24,  1968  through  June 30, 2004, shall continue to
     4  receive the revised benefit amount as determined by the New  York  state
     5  teachers' retirement system on November 1, 2018.
     6    §  2.  The  New  York  state teachers' retirement system shall pay all
     7  costs associated with the overpayment to Katherine Sweeney in the amount
     8  of $49,911.
     9    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Katherine Sweeney, a retired member of  the  New
        York  State Teachers' Retirement System (NYSTRS), to continue to receive
        the revised benefit amount as determined by NYSTRS on November 1,  2018.
        Furthermore  NYSTRS  will  pay  the cost associated with the overpayment
        made to Ms. Sweeney in the amount of $49,911.
          The cost of this benefit is equal to the overpayment amount of $49,911
        required to be paid by NYSTRS on Ms. Sweeney's behalf. This cost  is  to
        be borne by the employers of members of the NYSTRS.
          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.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13269-02-9

        A. 8295                             2

          The source of this estimate is Fiscal Note 2019-28 dated June 7,  2019
        prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
        System and is intended for use only during the 2019 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.