NY State Senate Bill S8382

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

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
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Signed/Vetoed by Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 20, 2020	referred to civil service and pensions

S8382 (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement

S8382 (ACTIVE) - Summary

Relates to the miscalculation of benefits paid to Carol Despos.

S8382 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S8382

SPONSOR: ROBACH
 
TITLE OF BILL:

An act relating to the miscalculation of benefits paid to Carol Despos

 
PURPOSE:

To provide a remedy in unconsolidated law for the miscalculation of
benefits by a retirement system; and in relation to benefits to be paid
to Carol Despos

 
SUMMARY OF PROVISIONS:

  Section  1  states that Carol Despos shall receive the revised benefit
amount as determined by the New York State Teachers Retirement System an
which took effect with her benefit payment dated September 30, 2019.

  Section 2 states the New York State Teachers Retirement  System  shall
pay all costs associated with the overpayment to Carol Despos.

 
JUSTIFICATION:

Carol  Despos  was  a dedicated teacher who started teaching in 1966 and
continued educating children until 1999. The teacher's retirement system
calculated her pension benefit a pone her retirement. Then  years  later
in  informed  Ms.  Despos  that through a system error her benefits were
miscalculated resulting in a $57,804 overpayment, which she was told she
must repay. In addition, she would also be facing a reduction in pension
benefits to reflect the accurate rate. Because of  the  amount  of  time
between  the  system error and its discovery, it is not unreasonable for
the system to absorb the prior costs of its own error and for Ms. Despos
to be paid the correct pension benefit going forward.  To  payback,  the
error  made  by  the  teacher's  retirement system would put an economic
hardship on Ms. Despos.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None to the state. A cost of $57,804 to the  New  York  State  Teacher's
Retirement System. *See fiscal note*

 
EFFECTIVE DATE:
Immediate

S8382 (ACTIVE) - Bill Text download pdf


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

                                  8382

                            I N  S E N A T E

                              May 20, 2020
                               ___________

Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT relating to the miscalculation of benefits paid to Carol Despos

  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,
Carol Despos, a member of the New York state teachers' retirement system
from  November 30, 1966 through June 30, 1999, shall continue to receive
the revised benefit amount as determined by the New York state teachers'
retirement system that  took  effect  with  her  benefit  payment  dated
September 30, 2019.
  §  2.  The  New  York  state teachers' retirement system shall pay all
costs associated with the overpayment to Carol Despos in the  amount  of
$57,804.
  § 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would allow Carol Despos, a retired member of the New York
State Teachers' Retirement System (NYSTRS), to continue to  receive  her
revised benefit amount as determined by NYSTRS that took effect with her
benefit  payment  dated  September  30,  2019.  Furthermore, NYSTRS will
absorb the $57,804 in overpayments made to Ms. Despos since her date  of
retirement.
  The cost of this benefit is equal to the overpayment amount of $57,804
to be absorbed by NYSTRS on Ms. Despos' behalf. This cost is to be borne
by the employers of members of the NYSTRS.
  Member  data  is  from  the  System's  most recent actuarial valuation
files, consisting of data provided by the employers  to  the  Retirement
System.   Data distributions and statistics can be found in the System's
Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
reported  in  the System's financial statements and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
  The source of this estimate is Fiscal Note 2020-24 dated May  7,  2020
prepared  by  the  Actuary  of  the  New York State Teachers' Retirement

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

                      [ ] is old law to be omitted.
                                                           LBD16328-02-0

S. 8382                             2

System and is   intended  for  use  only  during  the  2020  Legislative
Session.  I,  Richard  A.  Young,  am the Actuary for the New York State
Teachers' Retirement System. I am a member of the  American  Academy  of
Actuaries and I meet the Qualification Standards of the American Academy
of Actuaries to render the actuarial opinion contained herein.

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The New York State Senate

senate Bill S8382

Sponsored By

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

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S8382 (ACTIVE) - Details

S8382 (ACTIVE) - Summary

S8382 (ACTIVE) - Sponsor Memo

S8382 (ACTIVE) - Bill Text download pdf

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senate Bill S8382

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Sponsored By

Joseph E. Robach

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

Your Voice

Actions

S8382 (ACTIVE) - Details

S8382 (ACTIVE) - Summary

S8382 (ACTIVE) - Sponsor Memo

S8382 (ACTIVE) - Bill Text download pdf

Comments