Bill Text: NY S04076 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes Antonia Keesler to change her retirement option.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-02-24 - PRINT NUMBER 4076A [S04076 Detail]

Download: New_York-2011-S04076-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4076
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 16, 2011
                                      ___________
       Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT authorizing Antonia Keesler to change her retirement option
         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  Antonia  Keesler,  who was employed by the Sullivan County BOCES and who
    3  retired from the New York State Teachers'  Retirement  System  effective
    4  April  23,  2008,  and for reasons not ascribable to her own negligence,
    5  failed to change her retirement option selection prior to the expiration
    6  of thirty days following the date of payability of her retirement allow-
    7  ance, shall be deemed to have retired pursuant to the terms of the Maxi-
    8  mum Option.
    9    S 2. The costs of implementing the provisions of  this  act  shall  be
   10  borne  by  the  employers  of  members  of  the New York State Teachers'
   11  Retirement System.
   12    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill would allow Antonia Keesler, a retired  member  of  the  New
       York  State  Teachers'  Retirement  System,  to retroactively change her
       optional form of benefit to the  Maximum  Option.  Ms.  Keesler  retired
       April  23,  2008  under the Largest Lump Sum Option and failed to change
       her retirement option selection prior to the expiration  of  the  thirty
       day period following the date of retirement benefit as required by stat-
       ute.
         The cost of this benefit is equal to the increase in the present value
       of the liability, which is estimated to be $20,000.
         The source of this estimate is Fiscal Note 2011-20 dated March 9, 2011
       prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
       System and is intended for use only during the 2011 Legislative Session.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01911-02-1