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BILL NUMBER:S4076A

TITLE OF BILL: An act authorizing Antonia Keesler to change her retirement option

PURPOSE OR GENERAL IDEA OF BILL: To authorize Antonia Keesler to change her retirement option.

SUMMARY OF SPECIFIC PROVISIONS: Antonia Keesler, was employed by the Sullivan county BOCES and retired from the New York State Teachers' Retirement System effective April 23, 2008. For reasons not ascribable to her own negligence, she failed to change her retirement option selection prior to the expiration of thirty days following the date of payability of her retirement allowance, shall be deemed to have retired pursuant to the terms of the Maximum Option.

EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: Ms. Keesler presently does not have the opportunity to change her retirement benefit under current law.

JUSTIFICATION: Antonia Keesler was at the time of her retirement and is still currently undergoing treatment for colon cancer.  At the time of her retirement, Ms. Keesler was given the impression by the NYS Teachers' Retirement System that she would be receiving about 2/3 of her salary by selecting the Largest Lump Sum Option. She subsequently learned of the error but was three days late in requesting a change to the Maximum Option.

LEGISLATIVE HISTORY: S.5859-A of 2009: Died in Senate Civil Service and Pensions Committee

FISCAL IMPLICATIONS: $26,000 payable by the State Teachers Retirement System, its employers and members.

EFFECTIVE DATE: This act shall take effect immediately.

Text

STATE OF NEW YORK
________________________________________________________________________

4076--A

2011-2012 Regular Sessions

IN SENATE

March 16, 2011
___________

Introduced  by Sens. BONACIC, ESPAILLAT -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Civil Service
  and Pensions -- recommitted to the  Committee  on  Civil  Service  and
  Pensions  in  accordance  with  Senate  Rule  6,  sec.  8 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT authorizing Antonia Keesler to change her retirement option

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law to the contrary,
Antonia  Keesler,  who was employed by the Sullivan County BOCES and who
retired from the New York State Teachers'  Retirement  System  effective
April  23,  2008,  and for reasons not ascribable to her own negligence,
failed to change her retirement option selection prior to the expiration
of thirty days following the date of payability of her retirement allow-
ance, shall be deemed to have retired pursuant to the terms of the Maxi-
mum Option.
  S 2. The costs of implementing the provisions of  this  act  shall  be
borne  by  the  employers  of  members  of  the New York State Teachers'
Retirement System.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would allow Antonia Keesler, a retired  member  of  the  New
York  State  Teachers'  Retirement  System,  to retroactively change her
optional form of benefit to the  Maximum  Option.  Ms.  Keesler  retired
April  23,  2008  under the Largest Lump Sum Option and failed to change
her retirement option selection prior to the expiration  of  the  thirty
day period following the date of retirement benefit as required by stat-
ute.
  The cost of this benefit is equal to the increase in the present value
of the liability, which is estimated to be $26,000.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01911-03-2
S. 4076--A                          2
  The  source of this estimate is Fiscal Note 2012-16 dated February 22,
2012 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2012 Legislative Session.
I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
Retirement  System.  I  am a member of the American Academy of Actuaries
and I meet the Qualification Standards of the American Academy of  Actu-
aries to render the actuarial opinion contained herein.