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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to civil service and pensions
- Referred to civil service and pensions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the education law, in relation to service credit in the New York state teachers' retirement system
Summary of provisions
This bill adds a new subdivision 12 to Section 509 of the Education Law to permit members of the New York State Teachers' Retirement System to receive service credit for up to 90 days of unused accumulated sick leave adding to their credit at the time of their retirement The members would be specifically prohibited from using the additional credit for purposes of qualifying for retirement or for calculation of final average salary.
Justification
This bill would extend to teachers who are members of the New York State Teachers' Retirement System a benefit similar to that currently enjoyed by members of the New York State Employees' Retirement System. Specifically, it would allow teachers, at the time of their retirement for service, to obtain additional credit for unused sick leave days up to a maximum of 90 such days. This additional credit would be helpful in giving the teachers more service credit to be used in the calculation of their pension benefits, but would not be used in the calculation of their final average salary, upon which benefits are based. The teachers would also be prohibited from using the additional service credit for purposes of qualifying for a retirement benefit Under current provisions, teachers who retire with substantial amounts of accumulated sick leave lose their sick leave benefits. Enactment of this bill would correct this inequity.
Legislative history
2008 Session: S.4824 - Referred to Civil Service and Pensions 2007 Session: S.4824 - Referred to Civil Service and Pensions 2006 Session: S.4218 - Referred to Civil Service and Pensions 2005 Session: S.4218 - Referred to Civil Service and Pensions
Fiscal implications
The annual cost to the employer of members of the New York State Teachers Retirement System for this benefit is estimated to be $94.2 million or .64% of payroll if this bill is enacted.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.