S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6867--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 8, 2015
                               ___________

Introduced  by  M. of A. ABBATE, WOZNIAK, RUSSELL, STECK, WALTER, CROUCH
  -- (at request of the New York State Teachers' Retirement  System)  --
  read  once  and referred to the Committee on Governmental Employees --
  recommitted to the Committee on Governmental Employees  in  accordance
  with  Assembly  Rule  3, sec. 2 -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

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]  SIXTEEN  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
HER retirement.
  S 2. This act shall take effect June 30, 2016, except that if this act
shall  have  become a law on or after June 30, 2016, this act shall take

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10390-02-6
              

A. 6867--A                          2

effect immediately and shall be deemed to have been in  full  force  and
effect on and after June 30, 2016.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  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
2016.
  The annual cost to the employers of members  of  the  New  York  State
Teachers' Retirement System for this benefit is estimated to be $580,000
or .004% of payroll.
  Employee  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  2016-1  dated  October  9,
2015, prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2016 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.