Bill S4755-2013

Allows the annual convention of the New York state teachers' retirement system to be held in either the month of October or November

Allows the annual convention of the New York state teachers' retirement system to be held in either the month of October or November.

Details

Actions

  • May 20, 2013: SUBSTITUTED BY A4982
  • May 8, 2013: ADVANCED TO THIRD READING
  • May 7, 2013: 2ND REPORT CAL.
  • May 6, 2013: 1ST REPORT CAL.532
  • Apr 22, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Civil Service and Pensions - May 6, 2013
Ayes (11): Golden, Fuschillo, Hannon, Lanza, Martins, Ritchie, Savino, Sanders, Addabbo, Dilan, Perkins

Memo

BILL NUMBER:S4755

TITLE OF BILL: An act to amend the education law, in relation to allowing the annual convention of the New York state teachers' retirement system to be held in either the month of October or November

Purpose of the Bill:

This bill would allow the Retirement Board of the New York State Teachers' Retirement System to hold the annual convention of members, which elects the active teacher members of the Board, in either the month of October or November.

Summary and Justification:

Under Section 505 of the Education Law, the active teacher members of the Retirement Board of the New York State Teachers' Retirement System are elected on a rotating basis at an annual convention of delegates representing the active members of the System. Under the statute, the convention needs to be held during the month of November. This bill would amend subdivision 1 of Section 505 of the Education Law to allow the Retirement Board to hold the annual convention during either October or November.

Making this change would afford greater flexibility to the Retirement Board in scheduling the annual convention on a date convenient to delegates, as well as the Retirement Board and System staff. Such flexibility would also mitigate difficulties associated with scheduling the convention around the numerous holidays in November. Finally, a convention scheduled in October may afford better weather for delegates who are traveling to the convention from all parts of New York.

Effective Date of the Bill:

This bill would take effect immediately.

Other Agencies to Whom the Bill May Be of Interest:

Division of the Budget, State Education Department and the State University of New York.

Budgetary Implications of the Bill: The Actuary of the New York State Teachers' Retirement System has estimated that there would be no annual cost to the employers of members of the New York State Teachers' Retirement System if this bill is enacted.

NOTE: This bill was prepared under the direction of the New York State Teachers' Retirement Board and was introduced at its request.


Text

STATE OF NEW YORK ________________________________________________________________________ 4755 2013-2014 Regular Sessions IN SENATE April 22, 2013 ___________
Introduced by Sen. GOLDEN -- (at request of the New York State Teachers' Retirement System) -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the education law, in relation to allowing the annual convention of the New York state teachers' retirement system to be held in either the month of October or November THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 505 of the education law, as amended by chapter 623 of the laws of 1997, is amended to read as follows: 1. An annual convention of the members of the retirement system shall be held within the state of New York during the month of OCTOBER OR November, at an hour and place set by the retirement board on or before May first of each year, for the purpose of electing members of the retirement board. S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend subdivision 1 of section 505 of the Education Law to permit the annual convention of the New York State Teachers' Retirement System (NYSTRS) to be held either during the month of October or November. Currently, the annual convention of the NYSTRS must be held during the month of November. It is estimated that there will be no annual cost to the employers of members of the New York State Teachers' Retirement System if this bill is enacted. The source of this estimate is Fiscal Note 2013-3 dated September 19, 2012 prepared by the Actuary of the New York State Teachers' Retirement System and is intended for use only during the 2013 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

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