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Assembly Bill A7289

2009-2010 Legislative Session

Provides for payment of interest on payments due and owing, beginning with the 31st day after a member's effective date of retirement

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Archive: Last Bill Status - In Assembly Committee

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2009-A7289 (ACTIVE) - Details

See Senate Version of this Bill:
S5100
Current Committee:
Assembly Governmental Employees
Law Section:
Education Law
Laws Affected:
Add ยง540, Ed L
Versions Introduced in 2011-2012 Legislative Session:
A6826

2009-A7289 (ACTIVE) - Summary

Provides for payment of interest on payments due and owing, beginning with the 31st day after a NYS teachers' retirement system member's effective date of retirement; provides the rate of interest paid will be 5% and shall be paid at the time such outstanding benefits due and owing are made.

2009-A7289 (ACTIVE) - Bill Text download pdf 

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

                                  7289

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2009
                               ___________

Introduced by M. of A. ABBATE -- Multi-Sponsored by -- M. of A. SALADINO
  -- read once and referred to the Committee on Governmental Employees

AN ACT to amend the education law, in relation to payment of interest on
  delayed  benefits  for members of the New York state teachers' retire-
  ment system

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

  Section 1. The education law is amended by adding a new section 540 to
read as follows:
  S  540.  PAYMENT  OF INTEREST ON DELAYED BENEFITS. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW, INTEREST, AT A RATE OF FIVE PERCENT  PER  ANNUM,
SHALL  ACCRUE  ON  THE  OUTSTANDING  AMOUNT  OF  BENEFITS  DUE AND OWING
COMMENCING WITH THE THIRTY-FIRST DAY AFTER SUCH MEMBER'S EFFECTIVE  DATE
OF  RETIREMENT  IN  ACCORDANCE WITH RULES AND REGULATIONS ADOPTED BY THE
RETIREMENT BOARD. PAYMENT OF SUCH INTEREST SHALL BE  MADE  AT  THE  SAME
TIME  THAT  THE  PAYMENT  OF  SUCH OUTSTANDING BENEFITS DUE AND OWING IS
MADE.
  S 2. This act shall take effect immediately and shall be deemed to  be
in  full  force and effect on and after June 30, 2009 and shall apply to
any member of the New York state teachers' retirement system who retires
on or after such date.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill amends the Education Law by adding  a  new  section  540  to
provide for the payment of interest on benefits due and owing, beginning
with the thirty-first day after a member's effective date of retirement.
The  rate of interest paid will be 5% and shall be paid at the time such
outstanding benefits due and owing are made.
  The annual cost to the employers of members  of  the  New  York  State
Teachers' Retirement System for this benefit is estimated to be $720,000
or .005% of payroll if this bill is enacted.
  The  source of this estimate is Fiscal Note 2009-20 dated February 27,
2009 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2009 Legislative Session.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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