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Assembly Bill A5608

2009-2010 Legislative Session

Guarantees retired teachers a pension of at least $500 a year for each year of credited service

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Archive: Last Bill Status - In Assembly Committee

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2009-A5608 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement
Versions Introduced in Other Legislative Sessions:
2011-2012: A6464
2013-2014: A4924

2009-A5608 (ACTIVE) - Summary

Guarantees each retired member of the New York state teachers' retirement system or the New York city teachers' retirement system a minimum annual pension of $500 a year for each year of full time credited service.

2009-A5608 (ACTIVE) - Bill Text download pdf 

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

                                  5608

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

Introduced by M. of A. COLTON -- read once and referred to the Committee
  on Governmental Employees

AN  ACT  to  provide a minimum guaranteed pension for retired members of
  the New York state teachers' retirement system and  of  the  New  York
  city teachers' retirement system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law to the contrary,
a retiree of the New York state teachers' retirement system or  the  New
York city teachers' retirement system shall be paid, commencing with the
payment for the month of September, 2009 or the first payment on account
of  his  or  her  retirement, whichever is later, a supplemental pension
which when added to the amount of  the  retiree's  retirement  allowance
shall  equal  five  hundred dollars multiplied by the number of years of
full-time New York state service credited to such retiree at the time of
his or her retirement. Any benefit pursuant to this section shall be  in
lieu  of  the  benefits to which the retiree might otherwise be entitled
pursuant to sections 532 and  532-a  of  the  education  law,  provided,
however,  that in the event that the benefits to which the retiree might
be entitled under such sections are greater than  the  benefit  provided
pursuant to this section, this section shall not apply. For the purposes
of  this  section,  the  retiree's  retirement  allowance  shall  be the
retiree's yearly retirement allowance computed without optional  modifi-
cation, but excluding any annuity derived from contributions made by the
retiree  pursuant to paragraphs a and b of subdivision 3 of section 516,
sections 528, 529, 530, 533 and 535 of the education law.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after June 30, 2009.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  would guarantee that each retired member receive a minimum
annual pension of $500 for each year  of  credited  full-time  New  York

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04319-02-9

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