NY S05329

Extends minimum retirement benefit eligibility to New York State Teachers' Retirement System members who retired before July 1, 1980 (currently limited to those who retired before July 1, 1970)

Increases the minimum annual benefit to $550 per year of credited full-time New York State service, up to 35 years, for a maximum benefit of $19,250 (increased from $500 per year and $17,500 maximum)

Benefit increases commence with the July 2018 payment

Takes effect June 30, 2018, or immediately if enacted after that date

Estimated annual cost to employers of $448,000 or 0.003% of payroll