New York State Assembly

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A06847 Summary:

BILL NO	A06847
SAME AS	No same as
SPONSOR	Abbate
COSPNSR
MLTSPNSR
Rpld S535 sub 6, Ed L
Repeals the benefit cap of 75% of final average salary for Tier 1 and Tier 2 members of the NYS teachers' retirement system.

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A06847 Actions:

BILL NO	A06847
04/05/2011	referred to governmental employees
01/04/2012	referred to governmental employees

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A06847 Floor Votes:

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A06847 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6847
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                      April 5, 2011
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
 
        AN  ACT  to  repeal  subdivision  6  of section 535 of the education law
          relating to the maximum retirement benefit limitation
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 

     1    Section  1.  Subdivision  6  of  section  535  of the education law is
     2  REPEALED.
     3    § 2. This act shall take effect immediately except that  if  this  act
     4  shall  have  become  a law on or after June 30, 2011 this act shall take
     5  effect immediately but shall be deemed to have been in  full  force  and
     6  effect on and after June 30, 2011.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would repeal subdivision 6 of section 535 of the Education
        Law. The benefit cap of 75% of final average salary for Tier 1 and  Tier
        2  members  of  the  New York State Teachers' Retirement System would be
        removed.
          The annual cost to the employers of members  of  the  New  York  State
        Teachers'  Retirement  System  for this benefit is estimated to be $20.3
        million or .13% of payroll if this bill is enacted.

          The source of this estimate is Fiscal Note  2011-23  dated  March  16,
        2011  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2011 Legislative Session.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10576-01-1

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