Bill Text: NY A07069 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to providing an increased death benefit for the survivors of Theodore Raffel.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2017-06-21 - substituted by s5505 [A07069 Detail]

Download: New_York-2017-A07069-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 5505                                                  A. 7069
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                      April 4, 2017
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Civil Service
          and Pensions
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE, PALUMBO -- read once and
          referred to the Committee on Governmental Employees
        AN ACT to provide for an increased death benefit for the survivors of  a
          deceased police officer
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The legislature finds and declares that the  late  Theodore
     2  Raffel  served  the  village  of  Southampton  for nineteen years, three
     3  hundred sixty-four days and fifteen and one-half hours as a police offi-
     4  cer.  At the time of officer Raffel's death, a situation which  was  not
     5  due  to  negligence  on the part of such individual, there had been paid
     6  into the New York state and local police and fire retirement  system  on
     7  his  behalf  contributions  in  the  amount of approximately one hundred
     8  eighteen thousand dollars.  Nevertheless, the amount of the death  bene-
     9  fit paid to officer Raffel's widow was much less than that amount.
    10    §  2.  Notwithstanding any inconsistent provision of law, the New York
    11  state and local police and fire  retirement  system  is  authorized  and
    12  directed  to  pay  to the beneficiary of police officer Theodore Raffel,
    13  who was employed by the village of Southampton as a police officer  from
    14  1966,  until  his  death on June 1, 1986, the sum of all of the contrib-
    15  utions paid by the village of Southampton to such system  on  behalf  of
    16  such  police  officer,  less  any sums previously paid by such system to
    17  such beneficiary, with interest, compounded annually, calculated at  the
    18  rate  established  in accordance with the provisions of subdivision c of
    19  section 1202 of the retirement and social security  law.  Such  interest
    20  shall be calculated from June 1, 1986 to May 31, 2017.
    21    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10681-03-7
        S. 5505                             2                            A. 7069
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This bill would create an additional death benefit paid to the benefi-
        ciary  of  deceased police officer Theodore Raffel. The additional death
        benefit amount would be the sum of the contributions paid by the Village
        of Southampton to the New York State and Local Police and  Fire  Retire-
        ment  System  on  behalf of Mr. Raffel, less any sums previously paid by
        such system to his beneficiary. Such  balance  would  have  5%  interest
        applied for the period 6/1/86 -- 5/31/17.
          If  this  bill  is enacted, the estimated cost of the additional death
        benefit would be approximately $180,000. This cost would  be  shared  by
        the  State  of  New York and all participating employers in 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, 2016 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2016
        Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2015
        and  2016 Annual Report to the Comptroller on Actuarial Assumptions, and
        the Codes Rules and Regulations of the State  of  New  York:  Audit  and
        Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2016
        New  York  State  and  Local  Retirement System Financial Statements and
        Supplementary Information.
          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 March 28, 2017, and intended for use only  during
        the  2017  Legislative  Session, is Fiscal Note No. 2017-75, prepared by
        the Actuary for the New York State and Local Retirement System.