Bill Text: NY A10536 | 2019-2020 | General Assembly | Introduced
Bill Title: Authorizes Rickly Dear, the widow of Noach Dear, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of her deceased husband.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2020-12-28 - SIGNED CHAP.379 [A10536 Detail]
Download: New_York-2019-A10536-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10536 IN ASSEMBLY May 28, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Eichenstein) -- read once and referred to the Committee on Governmental Employees AN ACT to authorize Rickly Dear, the widow of Noach Dear, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of her deceased husband 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 Rickly Dear, the widow of Noach Dear, who was a member of the unified 3 court system and member of the New York state and local employees' 4 retirement system, who died on April 19, 2020 from COVID-19 related 5 complications prior to filing for retirement, shall be authorized to 6 file a new service retirement application and an option election form on 7 behalf of her deceased husband with a joint allowance full option, if, 8 within one year from the effective date of this act, she shall submit a 9 request therefor to the state comptroller. In addition, his date of 10 retirement shall be deemed to have been April 18, 2020. Once such appli- 11 cation is received, any rights or benefits to the pre-retirement ordi- 12 nary death benefit payable upon the death of a member in service pursu- 13 ant to section 448 of the retirement and social security law shall be 14 waived. Any amounts paid by the New York state and local employees' 15 retirement system as the result of the death of Noach Dear prior to the 16 filing of the request for a service retirement benefit pursuant to this 17 section shall be deducted from the service retirement benefit payable on 18 an actuarially equivalent basis over the expected future lifetime of 19 Rickly Dear. 20 § 2. Any additional costs for this act shall be paid by the state of 21 New York. 22 § 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would authorize Rickly Dear to file a service retirement application with a date of retirement of April 18, 2020 and an option election form with a joint allowance full option on behalf of her EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16472-02-0A. 10536 2 deceased husband Noach Dear, who died on April 19, 2020. Any amounts paid as a result of Mr. Dear's death will be deducted from the service retirement benefit payable on an actuarially equivalent basis. If this bill is enacted during the 2020 legislative session, there will be an immediate past service cost of approximately $1.06 million that would be borne by the State of New York as a one-time payment. This estimate is based on the assumption that payment will be made on March 1, 2021. 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, 2019 actuarial valu- ation. Distributions and other statistics can be found in the 2019 Report of the Actuary and the 2019 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015, 2016, 2017, 2018, and 2019 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, 2019 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 fiscal note does not constitute a legal opinion on the viability of the proposed change nor is it intended to serve as a substitute for the professional judgment of an attorney. This estimate, dated May 26, 2020, and intended for use only during the 2020 Legislative Session, is Fiscal Note No. 2020-119, prepared by the Actuary for the New York State and Local Retirement System.
