senate Bill S2341

Amended

Extends the minimum retirement benefit provision for retirees of the New York state teachers' retirement system who retired prior to June 1, 1980

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 18 / Feb / 2009
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 06 / Jan / 2010
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 25 / Jan / 2010
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 25 / Jan / 2010
    • PRINT NUMBER 2341A

Summary

Extends the minimum retirement benefit provision for retirees of the New York state teachers' retirement system who retired prior to June 1, 1980.

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Bill Details

See Assembly Version of this Bill:
A2823
Versions:
S2341
S2341A
Legislative Cycle:
2009-2010
Current Committee:
Senate Civil Service And Pensions
Law Section:
Education Law
Laws Affected:
Amd §532, Ed L

Sponsor Memo

BILL NUMBER: S2341

TITLE OF BILL :
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


PURPOSE :
This bill would extend the minimum retirement allowance to retirees of
the New York state Teachers' Retirement system who retired prior to
July 1, 1980 and increase the minimum retirement allowance for such
retirees to $550 per year of New York State service up to a 35 year
maximum of $19,250.

SUMMARY OF PROVISIONS :
This bill would amend the minimum supplemental benefit for the longest
retired teachers in subdivision e of Education Law §532. It would
extend the minimum supplemental benefit to all teachers who retired
prior to July 1, 1980, as opposed to July 1, 1970 under current law.
It would also modestly raise the minimum annual benefit from $500 to
$550 per year of New York state service up to a 35 year maximum of
$19,250 (versus $17,500 currently). The Retirement Board believes this
measure represents appropriate relief for the most deserving segment
of the retired membership body. It is anticipated that approximately
2,500 of the longest retired teachers would benefit from this bill.

JUSTIFICATION :
Public policy has long recognized the need for a minimum benefit for
long retired teachers whose benefits have been eroded by the effects
of inflation over time. That minimum benefit, contained in subdivision
e of section 532 of the Education Law, has operated to provide a
greater increase in the pensions of the longest retired teachers than
they otherwise would have been entitled to under other provisions of
law. In recognition of their particular need, subdivision e has been
updated periodically so as to modestly increase their benefits. The
most recent amendment was made by Chapter 580 of the Laws of 2001.

PRIOR LEGISLATIVE HISTORY :
None.

FISCAL IMPLICATIONS :
The Actuary of the New York state Teachers' Retirement system has
estimated that the additional annual cost to employers of members of
the New York state Teachers' Retirement System would be $2.3 million
or .02% of payroll if this bill is enacted.

EFFECTIVE DATE :
This bill would take effect June 30, 2009, except that if this act
shall have become a law on or after June 30, 2009 this act shall take
effect immediately and shall be deemed to have been in full force and
effect on and after June 30, 2009.
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