Bill Text: NY A08484 | 2013-2014 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.
Spectrum: Strong Partisan Bill (Democrat 25-2)
Status: (Passed) 2014-07-22 - signed chap.104 [A08484 Detail]
Download: New_York-2013-A08484-Introduced.html
Bill Title: Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.
Spectrum: Strong Partisan Bill (Democrat 25-2)
Status: (Passed) 2014-07-22 - signed chap.104 [A08484 Detail]
Download: New_York-2013-A08484-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
8484
I N A S S E M B L Y
January 17, 2014
___________
Introduced by M. of A. MARKEY -- read once and referred to the Committee
on Governmental Employees
AN ACT to amend the general municipal law and the retirement and social
security law, in relation to increasing certain special accidental
death benefits
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision c of section 208-f of the general municipal
2 law, as amended by chapter 196 of the laws of 2013, is amended to read
3 as follows:
4 c. Commencing July first, two thousand [thirteen] FOURTEEN the special
5 accidental death benefit paid to a widow or widower or the deceased
6 member's children under the age of eighteen or, if a student, under the
7 age of twenty-three, if the widow or widower has died, shall be esca-
8 lated by adding thereto an additional percentage of the salary of the
9 deceased member (as increased pursuant to subdivision b of this section)
10 in accordance with the following schedule:
11 calendar year of death
12 of the deceased member per centum
13 1977 or prior [189.8%] 198.5%
14 1978 [181.4%] 189.8%
15 1979 [173.2%] 181.4%
16 1980 [165.2%] 173.2%
17 1981 [157.5%] 165.2%
18 1982 [150.0%] 157.5%
19 1983 [142.7%] 150.0%
20 1984 [135.7%] 142.7%
21 1985 [128.8%] 135.7%
22 1986 [122.1%] 128.8%
23 1987 [115.7%] 122.1%
24 1988 [109.4%] 115.7%
25 1989 [103.3%] 109.4%
26 1990 [97.4%] 103.3%
27 1991 [91.6%] 97.4%
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13494-02-4
A. 8484 2
1 1992 [86.0%] 91.6%
2 1993 [80.6%] 86.0%
3 1994 [75.4%] 80.6%
4 1995 [70.2%] 75.4%
5 1996 [65.3%] 70.2%
6 1997 [60.5%] 65.3%
7 1998 [55.8%] 60.5%
8 1999 [51.3%] 55.8%
9 2000 [46.9%] 51.3%
10 2001 [42.6%] 46.9%
11 2002 [38.4%] 42.6%
12 2003 [34.4%] 38.4%
13 2004 [30.5%] 34.4%
14 2005 [26.7%] 30.5%
15 2006 [23.0%] 26.7%
16 2007 [19.4%] 23.0%
17 2008 [15.9%] 19.4%
18 2009 [12.6%] 15.9%
19 2010 [9.3%] 12.6%
20 2011 [6.1%] 9.3%
21 2012 [3.0%] 6.1%
22 2013 [0.0%] 3.0%
23 2014 0.0%
24 S 2. Subdivision c of section 361-a of the retirement and social secu-
25 rity law, as amended by chapter 196 of the laws of 2013, is amended to
26 read as follows:
27 c. Commencing July first, two thousand [thirteen] FOURTEEN the special
28 accidental death benefit paid to a widow or widower or the deceased
29 member's children under the age of eighteen or, if a student, under the
30 age of twenty-three, if the widow or widower has died, shall be esca-
31 lated by adding thereto an additional percentage of the salary of the
32 deceased member, as increased pursuant to subdivision b of this section,
33 in accordance with the following schedule:
34 calendar year of death
35 of the deceased member per centum
36 1977 or prior [189.8%] 198.5%
37 1978 [181.4%] 189.8%
38 1979 [173.2%] 181.4%
39 1980 [165.2%] 173.2%
40 1981 [157.5%] 165.2%
41 1982 [150.0%] 157.5%
42 1983 [142.7%] 150.0%
43 1984 [135.7%] 142.7%
44 1985 [128.8%] 135.7%
45 1986 [122.1%] 128.8%
46 1987 [115.7%] 122.1%
47 1988 [109.4%] 115.7%
48 1989 [103.3%] 109.4%
49 1990 [97.4%] 103.3%
50 1991 [91.6%] 97.4%
51 1992 [86.0%] 91.6%
52 1993 [80.6%] 86.0%
53 1994 [75.4%] 80.6%
54 1995 [70.2%] 75.4%
55 1996 [65.3%] 70.2%
56 1997 [60.5%] 65.3%
A. 8484 3
1 1998 [55.8%] 60.5%
2 1999 [51.3%] 55.8%
3 2000 [46.9%] 51.3%
4 2001 [42.6%] 46.9%
5 2002 [38.4%] 42.6%
6 2003 [34.4%] 38.4%
7 2004 [30.5%] 34.4%
8 2005 [26.7%] 30.5%
9 2006 [23.0%] 26.7%
10 2007 [19.4%] 23.0%
11 2008 [15.9%] 19.4%
12 2009 [12.6%] 15.9%
13 2010 [9.3%] 12.6%
14 2011 [6.1%] 9.3%
15 2012 [3.0%] 6.1%
16 2013 [0.0%] 3.0%
17 2014 0.0%
18 S 3. This act shall take effect July 1, 2014.
FISCAL NOTE.-- This bill would amend both the General Municipal Law
and the Retirement and Social Security Law to increase the salary used
in the computation of the special accidental death benefit by 3% in
cases where the date of death was before 2014.
Insofar as this bill would amend the Retirement and Social Security
Law, it is estimated that there would be an additional annual cost of
approximately $438,000 above the approximately $9.7 million current
annual cost of this benefit. This cost would be shared by the State of
New York and all participating employers of the New York State and Local
Police and Fire Retirement System.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2013 actuarial valu-
ation. Distributions and other statistics can be found in the 2013
Report of the Actuary and the 2013 Comprehensive Annual Financial
Report.
The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local Retirement System Financial Statements and
Supplementary Information.
The actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial
Assumptions, and the Codes Rules and Regulations of the State of New
York: Audit and Control.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This estimate, dated January 13, 2014 and intended for use only during
the 2014 Legislative Session, is Fiscal Note No. 2014-55, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
