S T A T E O F N E W Y O R K
________________________________________________________________________
2823--A
2009-2010 Regular Sessions
I N A S S E M B L Y
January 21, 2009
___________
Introduced by M. of A. ABBATE, SCHROEDER, RUSSELL -- Multi-Sponsored by
-- M. of A. COOK, PHEFFER, TITONE -- 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] TEN a basic supple-
mental 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, 2010, except that if this act
shall have become a law after June 30, 2010, this act shall take effect
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06326-02-0
A. 2823--A 2
immediately and shall be deemed to have been in full force and effect on
and after June 30, 2010.
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
subdivision e of Section 532 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 2010.
The annual cost to the employers of members of the New York State
Teachers' Retirement System for this benefit is estimated to be $1.9
million or .01% of payroll.
The source of this estimate is Fiscal Note 2010-5 dated October 13,
2009 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2010 Legislative Session.