| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to civil service and pensions |
| Apr 27, 2009 |
referred to civil service and pensions |
Senate Bill S5100
2009-2010 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee
Actions
2009-S5100 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7289
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Education Law
- Laws Affected:
- Add ยง540, Ed L
- Versions Introduced in 2011-2012 Legislative Session:
-
A6826
2009-S5100 (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-S5100 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5100
TITLE OF BILL : An act to amend the education law, in relation to
payment of interest on delayed benefits for members of the New York
state teachers' retirement system
PURPOSE OR GENERAL IDEA OF BILL :
This bill intends to compensate retirees when retirement benefits are
not paid in a timely manner.
SUMMARY OF SPECIFIC PROVISIONS :
This bill would 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. Interest payments at the rate of 5% per
year shall be made at the time such outstanding benefits due and owing
are made.
JUSTIFICATION :
Applications for retirement are filed with the retirement system at
least 30 days and not more than 90 days prior to the effective date of
retirement. Until the actual retirement allowance is determined, a
retiree receives an estimated retirement allowance rather than a full
allowance. Once the actual amount of the allowance is determined the
retiree receives retroactive payment of the difference. Currently,
when the process of verification and reporting of yearly teacher
salaries by school districts extends over a period of several months,
2009-S5100 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5100
2009-2010 Regular Sessions
I N S E N A T E
April 27, 2009
___________
Introduced by Sen. SAVINO -- 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 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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