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

                                  6464

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 17, 2011
                               ___________

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, 2011 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, 2011.
  FISCAL NOTE.--Pursuant to Section 50 of the Legislative Law:
  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.
                                                           LBD05002-02-1
              

A. 6464                             2

State  service,  commencing with the payment for the month of September,
2011.
  The  annual  cost  to  the  employers of members of the New York State
Teachers' Retirement System for this benefit is estimated  to  be  $33.8
million or .22% of payroll.
  The source of this estimate is Fiscal Note 2011-09 dated March 4, 2011
prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
System and is intended for use only during the 2011 Legislative Session.