Authorizes Jonathan Grossman to apply for a recalculation of his retirement benefits.
Summary
Bill S05435 authorizes Jonathan Grossman, a retired Tier I member of the New York City Teachers' Retirement System, to apply for a recalculation of his retirement benefits. The recalculation will include a lump sum payment for accumulated vacation time that was not included in his original retirement benefit calculation. This adjustment aims to rectify an oversight that occurred due to circumstances not attributable to Grossman’s negligence. The bill requires Grossman to file an application with the state comptroller within one year of the bill's effective date to initiate the recalculation process.
Impact
The passage of this bill will specifically impact the retirement benefits of Jonathan Grossman, allowing for an increase in his annual retirement allowance from approximately $103,945 to an estimated $114,964. The financial implications of this recalculation will be borne by the City of New York, which will be responsible for the additional costs associated with Grossman's recalculated benefits. The bill does not create a precedent for other retirees but addresses a unique situation for Grossman.
Sentiment
The sentiment surrounding Bill S05435 appears to be neutral, as there are no recorded votes or committee discussions available that indicate strong support or opposition. The bill seems to be a straightforward corrective measure for an individual case, which may contribute to a lack of controversy.
Contention
There are no notable points of contention surrounding this bill, primarily because it addresses a specific individual's situation rather than broader policy implications. Since no discussions or votes have been recorded, it suggests that the bill has not generated significant debate among legislators.
Authorizes Aileen Colon, the widow of Santiago Francisco Mayol, to file a new service retirement application and option election form on behalf of her deceased spouse.
Authorizing retirement and disability benefits under KPERS, KP&F and the retirement system for judges to be paid on either a biweekly or monthly basis at the option of a member or recipient.