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Sponsors
3 Co-sponsors
History
- Print number 8053a
- 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:A8053A
Title of bill
An act to amend the education law and the retirement and social security law, in relation to the computation of final average salary for certain members of the New York state teachers' retirement system
Purpose or general idea of bill
Provides for the calculation of final average salary for members of the New York State Teachers' Retirement System (NYSTRS) by defining "final average salary".
Summary of specific provisions
This legislation amends the Education Law and the Retirement and Social Security Law to allow all members of New York State Teachers Retirement the option to utilize a five-year final average salary base or a three-year final average salary base for the purpose of calculating retirement benefits.
Justification
Currently all Tier 1 members of the New York State Teachers' Retirement System who joined such system prior to June 17, 1971 are permitted to average payments for termination, retirement bonuses, annual leave or unused sick leave in calculating their final average salary, provided they utilize a five-year average salary as opposed to a three-year final average salary. Member who joined the system after June 16, 19771, however, are denied the option.
This legislation is designed to correct this inequity in the current benefit structure for all members of the New York State Teachers' Retirement System by affording all members of the Teachers' Retirement System the option to select either a five-year final average salary calculation without exclusions or a three-year final average salary calculation with exclusions.
Prior legislative history
2007/08: A.7169S.4840 2005/06: A.6203-A/S.4486-A 2003/04: A.5194 2001/02: A.6246 1999/00: A.9874
Fiscal implications
Attached to Bill
Effective date
This act shall take effect immediately and shall be deemed to be in full force and effect on and after June 30, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.