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History
- Print number 5314a
- Amend and recommit to governmental employees
- Referred to governmental employees
- Referred to governmental employees
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A5314A
Title of bill
An act to amend the education law and the retirement and social security law, in relation to disability retirement benefits provided by the New York state teachers' retirement system
Purpose or general idea of bill
This bill would authorize the upward at age 62 for members of the New York State Teachers' Retirement System whose disability retirement allowance is less than the service allowance the member would have received at age 62 based upon the member's actual credited service and final average salary.
Summary of specific provisions
- Section 1 amends section 511 of the education law by adding a new subdivision 10.
- Section 2 amends section 605 or the retirement and social security law by adding a new subdivision f
- Section 3 effective date
Justification
There are only a handful of NYSTRS disability retirees whose disability pension is less than what their service retirement would be. Yet, these few cases are heart-rendering and point up and inequity in the law which should be addressed.
Specifically, the case arises when the teacher has rendered many years of service but must retire because of a disabling situation. Disability pensions are determined using 1.8% of salary times the number of years of service. Tier 1 and 2 members have their pension increase to 2% times the numbers of years of service after 20 years and Tier 4 percentage increases after 25 years of service. These members lose that service retirement benefit when they retire with a disability.
NYSTRS believes that this situation should be corrected by upgrading the pension to a service retirement benefit at age 62 which in most instances is the normal retirement age.
Prior legislative history
Introduced in various forms since 1996.
Fiscal implications
Attached to bill
Effective date
This act shall take effect June 30, 2010, except that if this act shall become a law after June 30, provided however, that the amendment made to section 605 of the retirement and social security law by section two of this act, shall expire on the same date as such section expires pursuant to section 615 of such law
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.