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Assembly Bill A6826

2011-2012 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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Bill Amendments

2011-A6826 - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Education Law
Laws Affected:
Add §540, Ed L
Versions Introduced in 2009-2010 Legislative Session:
A7289

2011-A6826 - 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.

2011-A6826 - Bill Text download pdf 

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

                                  6826

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              April 4, 2011
                               ___________

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

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, 2011 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 $660,000
or .004% of payroll if this bill is enacted.
  The source of this estimate is Fiscal Note 2011-16 dated March 9, 2011
prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
System and is intended for use only during the 2011 Legislative Session.

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

2011-A6826A (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Education Law
Laws Affected:
Add §540, Ed L
Versions Introduced in 2009-2010 Legislative Session:
A7289

2011-A6826A (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.

2011-A6826A (ACTIVE) - Bill Text download pdf 

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

                                 6826--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              April 4, 2011
                               ___________

Introduced by M. of A. ABBATE -- read once and referred to the Committee
  on  Governmental  Operations  -- reference changed 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 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, 2012 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10575-02-2

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