Authorizes Thomas Collins to change his retirement benefit coverage with the New York state teachers' retirement system.
This bill authorizes Thomas Collins, a retired member of the New York State Teachers' Retirement System, to change his retirement benefit coverage. Collins, who retired on July 1, 2010, elected the maximum single life benefit but wishes to change to the 100% joint and survivor option with his spouse Sandra Collins as beneficiary. He must file a written request within one year of the act's effective date. The cost of this change, estimated at $203,000, includes repaying overpayments of approximately $139,000 and an additional $64,000 borne by employers.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.