Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 20, 2015 |
signed chap.479 |
Nov 10, 2015 |
delivered to governor |
Jun 15, 2015 |
returned to senate passed assembly ordered to third reading rules cal.258 substituted for a6869 |
Jun 10, 2015 |
referred to ways and means delivered to assembly passed senate |
Jun 09, 2015 |
ordered to third reading cal.1401 committee discharged and committed to rules |
Feb 25, 2015 |
referred to education |
Senate Bill S4006
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S4006 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6869
- Law Section:
- Education Law
- Laws Affected:
- Amd §537, Ed L; amd §§517-b & 613-a, R & SS L
2015-S4006 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4006 TITLE OF BILL: An act to amend the education law and the retirement and social security law, in relation to the applicable interest rate for calculating certain benefits provided by the New York state teachers' retirement system PURPOSE: To authorize the New York State Teachers' Retirement System to use the average annual rate on the ten-year United States treasury obligations in calculating certain benefits. SUMMARY OF PROVISIONS: This bill would amend Section 537 of the Education Law and Sections 517-b and 613-a of the Retirement and Social Security Law and would authorize the System to use the average annual interest rate on the ten-year United States treasury obligations for the days during the calendar year that preceded the calendar year in which the retirement becomes effective for the purposes as set forth in said provisions. JUSTIFICATION:
2015-S4006 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4006 2015-2016 Regular Sessions I N S E N A T E February 25, 2015 ___________ Introduced by Sen. GOLDEN -- (at request of the New York State Teachers' Retirement System) -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to amend the education law and the retirement and social security law, in relation to the applicable interest rate for calculating certain benefits provided by the New York state teachers' retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 537 of the education law, as separately amended by chapters 140 and 167 of the laws of 2003, is amended to read as follows: S 537. Lump sum payment of de minimis service retirement benefit. Notwithstanding any other law to the contrary, a member of the retire- ment system who is entitled to receive a retirement allowance, other than for disability, pursuant to this article or pursuant to article eleven or fifteen of the retirement and social security law, which retirement allowance prior to optional modification is twenty-four hundred dollars per annum or less, may elect at retirement to receive, in lieu of such retirement allowance, a lump sum payment which has been certified by the actuary to be of actuarial equivalent value to such retirement allowance and approved by the retirement board. Such lump sum shall be calculated using the interest rate on thirty year United States treasury bonds as of January first of the calendar year in which the retirement becomes effective. Upon payment of such lump sum, any and all obligations of the retirement system to such member shall be totally discharged. Commencing January first, two thousand four, the interest rate on ten year United States treasury obligations as of January first of the calendar year in which the retirement becomes effective shall be used. COMMENCING JANUARY FIRST, TWO THOUSAND SIXTEEN, THE AVERAGE ANNU- AL INTEREST RATE ON TEN YEAR UNITED STATES TREASURY OBLIGATIONS FOR THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09196-01-5
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