Bill Text: NY A08295 | 2019-2020 | General Assembly | Amended

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Bill Title: Relates to the miscalculation of benefits paid to Katherine Sweeney.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Vetoed) 2020-11-30 - tabled [A08295 Detail]

Download: New_York-2019-A08295-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         8295--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 13, 2019
                                       ___________

        Introduced  by M. of A. SALKA -- read once and referred to the Committee
          on Governmental Employees -- recommitted to the Committee  on  Govern-
          mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
          tee  discharged, bill amended, ordered reprinted as amended and recom-
          mitted to said committee

        AN ACT relating to the miscalculation  of  benefits  paid  to  Katherine
          Sweeney

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any other provision of law to the contrary,
     2  Katherine Sweeney, a member of the New York state  teachers'  retirement
     3  system  from  June  24,  1968  through  June 30, 2004, shall continue to
     4  receive the revised benefit amount as determined by the New  York  state
     5  teachers'  retirement  system  that took effect with her benefit payment
     6  dated August 31, 2019.
     7    § 2. The New York state teachers'  retirement  system  shall  pay  all
     8  costs associated with the overpayment to Katherine Sweeney in the amount
     9  of $64,275.
    10    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would allow Katherine Sweeney, a retired member of the New
        York State Teachers' Retirement System (NYSTRS), to continue to  receive
        her revised benefit amount as determined by NYSTRS that took effect with
        her  benefit  payment  dated  August  31, 2019. Furthermore, NYSTRS will
        absorb the $64,275 in overpayments made to Ms. Sweeney since her date of
        retirement.
          The cost of this benefit is equal to the overpayment amount of $64,275
        to be absorbed by NYSTRS on Ms.  Sweeney's behalf. This cost  is  to  be
        borne by the employers of members of the NYSTRS.
          Member  data  is  from  the  System's  most recent actuarial valuation
        files, consisting of data provided by the employers  to  the  Retirement

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13269-05-0
        A. 8295--A                          2

        System.  Data  distributions and statistics can be found in the System's
        Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
        reported  in  the System's financial statements and can also be found in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The  source  of  this  estimate is Fiscal Note 2020-18 dated March 26,
        2020 prepared by the Actuary of the New York State Teachers'  Retirement
        System and is intended for use only during the 2020 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.