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Senate Bill S5528

2011-2012 Legislative Session

Relates to the transfer of the members, assets and liabilities of the board of education retirement system of the city of New York to certain other retirement systems

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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2011-S5528 (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Education Law
Laws Affected:
Amd §2575, Ed L; amd §§13-101, 13-133, 13-162, 13-501 & 13-638.4, NYC Ad Cd; amd §§445-d, 445-i, 602, 604-c & 612, R & SS L

2011-S5528 (ACTIVE) - Summary

Relates to the transfer of the members, assets and liabilities of the board of education retirement system of the city of New York to the New York city employees' retirement system and the New York city teachers' retirement system.

2011-S5528 (ACTIVE) - Sponsor Memo

2011-S5528 (ACTIVE) - Bill Text download pdf

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

                                  5528

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 31, 2011
                               ___________

Introduced  by COMMITTEE ON RULES -- 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, the administrative code of the city
  of New York and the retirement and social security law, in relation to
  the transfer of the members, assets and liabilities of  the  board  of
  education  retirement  system  of the city of New York to the New York
  city employees' retirement system and the teachers' retirement  system
  of such city

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

  Section 1. Section 2575 of the education law is amended  by  adding  a
new subdivision 26 to read as follows:
  26.  (A)  THE FOLLOWING TERMS, AS USED IN THIS SUBDIVISION, SHALL HAVE
THE FOLLOWING MEANINGS, UNLESS A DIFFERENT MEANING IS  PLAINLY  REQUIRED
BY THE CONTEXT:
  (1)  "BERS".  THE  BOARD OF EDUCATION RETIREMENT SYSTEM OF THE CITY OF
NEW YORK ESTABLISHED PURSUANT TO THE PROVISIONS OF THIS SECTION.
  (2) "NYCERS". THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM.
  (3) "TRS". THE TEACHERS' RETIREMENT SYSTEM OF THE CITY OF NEW YORK.
  (4) "BERS RULES AND REGULATIONS". THE RULES AND  REGULATIONS  FOR  THE
GOVERNMENT,  MANAGEMENT  AND  CONTROL  OF  BERS  ADOPTED PURSUANT TO THE
PROVISIONS OF THIS SECTION.
  (5) "BERS TRANSFER DATE". THE EFFECTIVE DATE OF THIS SUBDIVISION.
  (6) "BERS BENEFICIARY". ANY PERSON WHO, IMMEDIATELY PRIOR TO THE  BERS
TRANSFER DATE, IS ENTITLED TO RECEIVE BENEFITS FROM BERS PURSUANT TO ANY
PROVISION OF LAW OR THE BERS RULES AND REGULATIONS IN EFFECT IMMEDIATELY
PRIOR  TO  THE  BERS  TRANSFER DATE, INCLUDING A SERVICE RETIREE OF BERS
WHO, IMMEDIATELY PRIOR  TO  THE  BERS  TRANSFER  DATE,  IS  ENTITLED  TO
DEFERRED PAYABILITY OF A RETIREMENT ALLOWANCE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11263-01-1

              

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