Bill Text: NY S06420 | 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 [S06420 Detail]

Download: New_York-2019-S06420-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         6420--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                      June 10, 2019
                                       ___________

        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules  --  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  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.
                                                                   LBD13269-06-0
        S. 6420--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.