Bill Text: NY S03989 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 3989 (Prior Session Legislation)

Bill Title: Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2012-05-09 - PRINT NUMBER 3989A [S03989 Detail]

Download: New_York-2011-S03989-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3989
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 11, 2011
                                      ___________
       Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to assign the late John Francis Covell to tier 4  status  in  the
         New York state teachers' retirement system as of the date of his death
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any inconsistent  provision  of  law,  John
    2  Francis  Covell,  a  deceased  member  of  the  New York state teachers'
    3  retirement system, shall be deemed to have had tier 4 status as a member
    4  of said system on the date of his death. Said system  shall  recalculate
    5  the benefits payable on account of his death and shall pay such benefits
    6  to  his  beneficiary  as  otherwise provided, less any amount already so
    7  paid.
    8    S 2. All costs attributable to the operation  of  this  act  shall  be
    9  borne  by  the  employers  of  members  of  the New York state teachers'
   10  retirement system.
   11    S 3. This act shall take effect immediately.
         FISCAL NOTE.--This bill would allow Florence M. Covell, the  widow  of
       member John F.  Covell who died in active service, to receive the Tier 4
       active member death benefit. Ms. Covell received the lesser Tier 1 death
       benefit  because  her  husband was a Tier 1 member of the New York State
       Teachers' Retirement System at the time of his death.   He had  recently
       completed a tier reinstatement from Tier 4 to Tier 1.
         The  cost  for  this  benefit  is equal to the increase in the present
       value of benefits, which is estimated to be $94,000.
         The source of this estimate is Fiscal Note 2011-10 dated March 8, 2011
       prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
       System and is intended for use only during the 2011 Legislative Session.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03688-02-1