Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 14, 2016 |
referred to ways and means delivered to assembly passed senate |
Jun 08, 2016 |
ordered to third reading cal.1567 committee discharged and committed to rules |
Apr 11, 2016 |
reported and committed to finance |
Feb 12, 2016 |
referred to civil service and pensions |
Senate Bill S6746
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2015-S6746 (ACTIVE) - Details
2015-S6746 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6746 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, which is introduced at the request of the NYS Teachers' Retirement Board, would extend the minimum retirement allowance provided to members of the New York State Teachers' Retirement System who retired prior to July 1, 1980 and increase the minimum retirement allowance for all such retirees to $550 per year of New York State service up to a 35 year maximum of $19,250. SUMMARY OF PROVISIONS : 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. This 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 last amendment was made by Chapter 580 of the Laws of 2001.
2015-S6746 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6746 I N S E N A T E February 12, 2016 ___________ Introduced by Sen. FARLEY -- (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] 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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