Bill S4076A-2011

Authorizes Antonia Keesler to change her retirement option

Authorizes Antonia Keesler to change her retirement option.

Details

Actions

  • Feb 24, 2012: PRINT NUMBER 4076A
  • Feb 24, 2012: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • Jan 4, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS
  • Mar 16, 2011: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus