senate Bill S8382

2019-2020 Legislative Session

Relates to the miscalculation of benefits paid to Carol Despos

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Civil Service And Pensions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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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

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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