|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 20, 2020||referred to civil service and pensions|
senate Bill S8382
Current Bill Status - In Senate Committee Civil Service And Pensions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8382 (ACTIVE) - Details
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
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.
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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