Bill Text: NY S01866 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Increases the amount of money a retiree may earn in a position of public service in the year 2020 and thereafter to $35,000.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Passed) 2019-12-06 - SIGNED CHAP.589 [S01866 Detail]

Download: New_York-2019-S01866-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1866
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 17, 2019
                                       ___________
        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to amend the retirement and social security law, in  relation  to
          increasing the retiree earnings cap
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 2 of section 212 of the retirement  and  social
     2  security  law,  as amended by chapter 74 of the laws of 2006, is amended
     3  to read as follows:
     4    2. The earning limitations for retired persons in positions of  public
     5  service  under  this  section  shall be in accordance with the following
     6  table:
     7          For the year                               Earnings limitation
     8          1996                                       $12,500
     9          1997                                       $13,500
    10          1998                                       $14,500
    11          1999                                       $15,500
    12          2000                                       $17,000
    13          2001                                       $18,500
    14          2002                                       $20,000
    15          2003                                       $25,000
    16          2004                                       $27,500
    17          2005 and 2006                              $27,500
    18          2007 [and thereafter] through 2019         $30,000
    19          2020 and thereafter                        $35,000
    20    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would amend subdivision 2 of section 212 of  the  Retirement
        and  Social Security Law to increase the earnings limitation for retired
        members in positions of public employment to $35,000  for  the  calendar
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00537-02-9
        S. 1866                             2
        year  2020 and thereafter. The earnings limitation for the calendar year
        2019 is $30,000.
          The  annual  cost  to  the  employers of members of the New York State
        Teachers' Retirement System is estimated to be negligible if  this  bill
        is enacted.
          Member  data  is  from  the  System's  most recent actuarial valuation
        files, consisting of data provided by the employers  to  the  Retirement
        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 2019-9  dated  January  15,
        2019  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2019 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.