Bill Text: NY A07953 | 2015-2016 | General Assembly | Amended
Bill Title: Authorizes the widow of Robert A. Serroen to change his retirement option.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2016-05-27 - print number 7953a [A07953 Detail]
Download: New_York-2015-A07953-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7953--A 2015-2016 Regular Sessions IN ASSEMBLY June 2, 2015 ___________ Introduced by M. of A. RA, LAVINE, MONTESANO -- read once and referred to the Committee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 AN ACT authorizing the widow of Robert A. Serroen to change his retire- ment option The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other provision of law to the contrary, 2 Gina M. Serroen, the widow of Robert A. Serroen, who was employed by the 3 Nassau County Sheriff's Department and was retired from the New York 4 state and local employees' retirement system effective December 17, 5 2011, and for reasons not ascribable to his own negligence failed to 6 change his retirement option selection prior to the expiration of thirty 7 days following the date of payability of his retirement allowance, shall 8 be authorized to file such option election form on behalf of her 9 deceased husband to a joint allowance full option, if within one year 10 from the effective date of this act, she files a written request to that 11 effect with the state comptroller. 12 § 2. The costs associated with implementing the provisions of this act 13 shall be borne by the County of Nassau. 14 § 3. This act shall take effect immediately and shall be deemed to 15 have been in full force and effect on and after December 17, 2011. FISCAL NOTE.-- Pursuant to Legislative Law, Section 50: This bill would retroactively change the retirement option for deceased retiree Robert A. Serroen who retired on December 17, 2011 and died on May 12, 2013. The current retirement option, pop up joint allow- ance 25%, would be changed to the retirement option joint allowance full. The bill will be deemed to have been in effect on his date of retirement. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10957-04-6A. 7953--A 2 If this bill is enacted, we anticipate that there would be an immedi- ate past service cost of approximately $767,000 which would be borne by Nassau County as a one-time payment. This estimate is based on the assumption that payment would be made on February 1, 2017. 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, 2015 actuarial valu- ation. Distributions and other statistics can be found in the 2015 Report of the Actuary and the 2015 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015 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, 2015 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 January 28, 2016, and intended for use only during the 2016 Legislative Session, is Fiscal Note No. 2016-48, prepared by the Actuary for the New York State and Local Retirement System.
