S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
April 3, 2013
Introduced by Sen. LIBOUS -- (at request of the New York State Teachers'
Retirement System) -- read twice and ordered printed, and when printed
to be committed to the Committee on Civil Service and Pensions
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:
Section 1. Paragraph 1 of subdivision e of section 532 of the educa-
tion law, as amended by chapter 580 of the laws of 2001, is amended to
read as follows:
1. Each pensioner of the retirement system who retired before July
first, nineteen hundred [seventy] EIGHTY shall be paid, commencing with
a payment for the month of July two thousand [one] THIRTEEN a basic
supplemental pension, the total of which when added to his OR HER yearly
retirement allowance computed without optional modification, but exclud-
ing any annuity derived from contributions made by members pursuant to
paragraphs a and b of subdivision three of section five hundred sixteen,
section five hundred twenty-eight, section five hundred twenty-nine,
section five hundred thirty, section five hundred thirty-three and
section five hundred thirty-five of this article, shall equal the lesser
of [seventeen thousand five hundred] NINETEEN THOUSAND TWO HUNDRED FIFTY
dollars or the sum of five hundred FIFTY dollars multiplied by the
number of years of full-time New York state service not to exceed thir-
ty-five years with which he OR SHE was credited at the time of his OR
S 2. This act shall take effect June 30, 2013, except that if this act
shall have become law on or after June 30, 2013, this act shall take
effect immediately and shall be deemed to have been in full force and
effect on and after June 30, 2013.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 4496 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
The annual cost to the employers of members of the New York State
Teachers' Retirement System for this benefit is estimated to be $1.0
million or .01% of payroll.
The source of this estimate is Fiscal Note 2013-1 dated September 19,
2012 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2013 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.