| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 20, 2020 |
referred to civil service and pensions |
Senate Bill S8382
2019-2020 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee
Actions
2019-S8382 (ACTIVE) - Details
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Retirement
2019-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.
2019-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
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