Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 27, 2015 |
referred to civil service and pensions |
Senate Bill S4117
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2015-S4117 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6867
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Education Law
- Laws Affected:
- Amd ยง532, Ed L
- Versions Introduced in 2013-2014 Legislative Session:
-
S4496
2015-S4117 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4117 TITLE OF BILL: An act to amend the education law, in relation to the minimum retirement allowance for members of the New York state teachers' retirement system who retired prior to July 1, 1980 PURPOSE OF THE BILL: This bill would extend the minimum retirement allowance provided to long standing retired members of the New York State Teachers' Retirement System who retired prior to July 1, 1980 and increase the minimum retirement allowance for all such retirees to $550 per year of New York State service up to a 35 year maximum of $19,250. SUMMARY AND JUSTIFICATION: Public policy has long recognized the need for a minimum benefit for long retired teachers whose benefits have been eroded by the effects of inflation over time. That minimum benefit, contained in subdivision e of Section 532 of the Education Law, has operated to provide a greater increase in the pensions of the longest retired teachers than they otherwise would have been entitled to under other provisions of law. In recognition of their particular need, subdivision e has been updated periodically so as to modestly increase their benefits. The
2015-S4117 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4117 2015-2016 Regular Sessions I N S E N A T E February 27, 2015 ___________ Introduced by Sen. LIBOUS -- (at request of the New York State Teachers' Retirement System) -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the education law, in relation to the minimum retirement allowance for members of the New York state teachers' retirement system who retired prior to July 1, 1980 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subdivision e of section 532 of the educa- tion law, as amended by chapter 580 of the laws of 2001, is amended to read as follows: 1. Each pensioner of the retirement system who retired before July first, nineteen hundred [seventy] EIGHTY shall be paid, commencing with a payment for the month of July two thousand [one] FIFTEEN a basic supplemental pension, the total of which when added to his OR HER yearly retirement allowance computed without optional modification, but exclud- ing any annuity derived from contributions made by members pursuant to paragraphs a and b of subdivision three of section five hundred sixteen, section five hundred twenty-eight, section five hundred twenty-nine, section five hundred thirty, section five hundred thirty-three and section five hundred thirty-five of this article, shall equal the lesser of [seventeen thousand five hundred] NINETEEN THOUSAND TWO HUNDRED FIFTY dollars or the sum of five hundred FIFTY dollars multiplied by the number of years of full-time New York state service not to exceed thir- ty-five years with which he OR SHE was credited at the time of his OR HER retirement. S 2. This act shall take effect June 30, 2015, except that if this act shall have become law on or after June 30, 2015, this act shall take effect immediately and shall be deemed to have been in full force and effect on and after June 30, 2015. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. S LBD09176-01-5
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