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Assembly Bill A6847

2011-2012 Legislative Session

Repeals the benefit cap of 75% of final average salary for Tier 1 and Tier 2 members of the NYS teachers' retirement system; repealer

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Archive: Last Bill Status - In Assembly Committee

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2011-A6847 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Education Law
Laws Affected:
Rpld ยง535 sub 6, Ed L

2011-A6847 (ACTIVE) - Summary

Repeals the benefit cap of 75% of final average salary for Tier 1 and Tier 2 members of the NYS teachers' retirement system.

2011-A6847 (ACTIVE) - Bill Text download pdf 

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

                                  6847

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              April 5, 2011
                               ___________

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

AN  ACT  to  repeal  subdivision  6  of section 535 of the education law
  relating to the maximum retirement benefit limitation

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

  Section  1.  Subdivision  6  of  section  535  of the education law is
REPEALED.
  S 2. This act shall take effect immediately except that  if  this  act
shall  have  become  a law on or after June 30, 2011 this act shall take
effect immediately but shall be deemed to have been in  full  force  and
effect on and after June 30, 2011.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would repeal subdivision 6 of section 535 of the Education
Law. The benefit cap of 75% of final average salary for Tier 1 and  Tier
2  members  of  the  New York State Teachers' Retirement System would be
removed.
  The annual cost to the employers of members  of  the  New  York  State
Teachers'  Retirement  System  for this benefit is estimated to be $20.3
million or .13% of payroll if this bill is enacted.
  The source of this estimate is Fiscal Note  2011-23  dated  March  16,
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
                      [ ] is old law to be omitted.
                                                           LBD10576-01-1

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