Bill Text: NY A09607 | 2015-2016 | General Assembly | Introduced

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Bill Title: Increases the survivor's benefit of a retired state employee.

Sponsorship: Partisan Bill (Democrat 4)

Status: (Introduced - Dead) 2016-05-10 - reported referred to ways and means [A09607 Detail]

Download: New_York-2015-A09607-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9607
                   IN ASSEMBLY
                                     March 22, 2016
                                       ___________
        Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
          tee on Governmental Employees
        AN  ACT  to amend the retirement and social security law, in relation to
          increasing the survivor's benefit of a retired state employee
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision 2 of section 657 of the retirement and social
     2  security law, as added by chapter 75 of the laws of 1989, is amended  to
     3  read as follows:
     4    2.  The  amount  of a survivor's benefit under this section shall be a
     5  lump sum of two thousand five  hundred  dollars,  except  that  where  a
     6  retired  state employee dies while reemployed as provided in subdivision
     7  four of this section or dies within  thirty  days  following  retirement
     8  pursuant  to  subdivision  one of this section, the amount of the survi-
     9  vor's benefit under this section, if any, shall be two thousand  dollars
    10  or  such amount otherwise received pursuant to this subdivision less any
    11  ordinary death benefit, exclusive of any ordinary death benefit  attrib-
    12  utable to the reserve-for-increased-take-home-pay, payable on account of
    13  the  death  of  such  employee under a retirement system or pension plan
    14  supported by funds of the state.
    15    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will increase the Survivor's Benefit by $500.  For  eligible
        state  employees  who  retired  prior to April 1, 1970, the benefit will
        increase form $2,000 to $2,500 and  for  eligible  state  employees  who
        retired  after  April  1, 1970, the benefit will increase form $3,000 to
        $3,500.
          If this bill is enacted, for the first year,  the  annual  payment  of
        survivor's  benefits  which  will  be paid by the State of New York will
        increase approximately $1.9 million.
          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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14701-02-6