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Sponsors
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History
- Substituted by A9157A
- Ordered to third reading cal.1464
- Committee discharged and committed to rules
- Print number 6224a
- Amend and recommit to cities
- Referred to cities
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the right of vested members to withdraw from the New York city teachers' retirement system
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6224A
Title of bill
An act to amend the administrative code of the city of New York, in relation to the right of vested members to withdraw from the New York city teachers' retirement system
PURPOSE OF THE BILL; This bill would allow certain Tiers 3, 4 and 5 vested members of the New York City Teachers' Retirement System who have permanently ceased teaching to withdraw from membership in the System.
Summary and justification
Tier 1 and 2 members of the System have an unrestricted right to terminate their memberships with the System and withdraw their accumulated contributions, if any, from the System. No similar right, however, has been extended to members of the System provided benefits under Articles 14 and 15 of the Retirement and Social Security Law. Once Tier 3, 4 and 5 members have accumulated 10 years of credited service with the system, they are locked into System membership even where it may not be to their advantage.
It is not always to a Tier 3, 4 or 5 member's advantage to have his/her membership in the System continue after he or she has ceased teaching in New York state. Specifically, teachers who have been compelled by circumstances to leave New York state and take up residence in other states may have the opportunity to obtain credit for their New York service in the public employee retirement systems of other states provided they are not entitled to a benefit from the system for that service. Allowing Tiers 3, 4 and 5 members to withdraw from the System in that circumstance so that they can obtain credit for their New York service in another state would make their service portable.
This bill would amend the administrative code sec. 13-541. This would allow a member of the system subject to Article 14 or 15 of the Retirement and Social Security Law who has permanently ceased teaching in New York to elect to withdraw his/her accumulated contributions and thereby terminate his/her membership in the System where the purpose of the withdrawal is to enable the member to obtain credit for the teaching service in a public employee retirement system in another state. The retirement system in the other state must certify that the member seeking withdrawal is a member of that system, that the member has at least five years of service credit in that system, and that withdrawal from the System is necessary in order for the member to obtain credit for the member's New York service in the other system. Upon payment of the accumulated contributions to the member, any and all obligations of the System to the member would cease. This legislation parallels provisions of C.553 2011 which applies to members of the NYS Teacher's Retirement System
Fiscal implications
There are no fiscal implications to the State.
Effective date
The bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.