NY State Senate Bill 2019-S8382

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

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

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

2019-S8382 (ACTIVE) - Details

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

2019-S8382 (ACTIVE) - Summary

Relates to the miscalculation of benefits paid to Carol Despos.

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.

 
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

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

                       [ ] 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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Senate Bill S8382

Sponsored By

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

2019-S8382 (ACTIVE) - Details

2019-S8382 (ACTIVE) - Summary

2019-S8382 (ACTIVE) - Sponsor Memo

2019-S8382 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S8382

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Sponsored By

Joseph E. Robach

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

2019-S8382 (ACTIVE) - Details

2019-S8382 (ACTIVE) - Summary

2019-S8382 (ACTIVE) - Sponsor Memo

2019-S8382 (ACTIVE) - Bill Text download pdf

Comments