Bill Text: NY S06438 | 2011-2012 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-06-19 - SUBSTITUTED BY A9116A [S06438 Detail]
Download: New_York-2011-S06438-Introduced.html
Bill Title: Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-06-19 - SUBSTITUTED BY A9116A [S06438 Detail]
Download: New_York-2011-S06438-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6438
I N S E N A T E
February 9, 2012
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the general municipal law and the retirement and social
security law, in relation to increasing certain special accidental
death benefits
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision c of section 208-f of the general municipal
2 law, as amended by chapter 161 of the laws of 2011, is amended to read
3 as follows:
4 c. Commencing July first, two thousand [eleven] TWELVE the special
5 accidental death benefit paid to a widow or widower or the deceased
6 member's children under the age of eighteen or, if a student, under the
7 age of twenty-three, if the widow or widower has died, shall be esca-
8 lated by adding thereto an additional percentage of the salary of the
9 deceased member (as increased pursuant to subdivision b of this section)
10 in accordance with the following schedule:
11 calendar year of death
12 of the deceased member per centum
13 1977 or prior [173.2%] 181.4%
14 1978 [165.2%] 173.2%
15 1979 [157.5%] 165.2%
16 1980 [150.0%] 157.5%
17 1981 [142.7%] 150.0%
18 1982 [135.7%] 142.7%
19 1983 [128.8%] 135.7%
20 1984 [122.1%] 128.8%
21 1985 [115.7%] 122.1%
22 1986 [109.4%] 115.7%
23 1987 [103.3%] 109.4%
24 1988 [97.4%] 103.3%
25 1989 [91.6%] 97.4%
26 1990 [86.0%] 91.6%
27 1991 [80.6%] 86.0%
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13981-02-2
S. 6438 2
1 1992 [75.4%] 80.6%
2 1993 [70.2%] 75.4%
3 1994 [65.3%] 70.2%
4 1995 [60.5%] 65.3%
5 1996 [55.8%] 60.5%
6 1997 [51.3%] 55.8%
7 1998 [46.9%] 51.3%
8 1999 [42.6%] 46.9%
9 2000 [38.4%] 42.6%
10 2001 [34.4%] 38.4%
11 2002 [30.5%] 34.4%
12 2003 [26.7%] 30.5%
13 2004 [23.0%] 26.7%
14 2005 [19.4%] 23.0%
15 2006 [15.9%] 19.4%
16 2007 [12.6%] 15.9%
17 2008 [9.3%] 12.6%
18 2009 [6.1%] 9.3%
19 2010 [3.0%] 6.1%
20 2011 [0.0%] 3.0%
21 2012 0.0%
22 S 2. Subdivision c of section 361-a of the retirement and social secu-
23 rity law, as amended by chapter 161 of the laws of 2011, is amended to
24 read as follows:
25 c. Commencing July first, two thousand [eleven] TWELVE the special
26 accidental death benefit paid to a widow or widower or the deceased
27 member's children under the age of eighteen or, if a student, under the
28 age of twenty-three, if the widow or widower has died, shall be esca-
29 lated by adding thereto an additional percentage of the salary of the
30 deceased member, as increased pursuant to subdivision b of this section,
31 in accordance with the following schedule:
32 calendar year of death
33 of the deceased member per centum
34 1977 or prior [173.2%] 181.4%
35 1978 [165.2%] 173.2%
36 1979 [157.5%] 165.2%
37 1980 [150.0%] 157.5%
38 1981 [142.7%] 150.0%
39 1982 [135.7%] 142.7%
40 1983 [128.8%] 135.7%
41 1984 [122.1%] 128.8%
42 1985 [115.7%] 122.1%
43 1986 [109.4%] 115.7%
44 1987 [103.3%] 109.4%
45 1988 [97.4%] 103.3%
46 1989 [91.6%] 97.4%
47 1990 [86.0%] 91.6%
48 1991 [80.6%] 86.0%
49 1992 [75.4%] 80.6%
50 1993 [70.2%] 75.4%
51 1994 [65.3%] 70.2%
52 1995 [60.5%] 65.3%
53 1996 [55.8%] 60.5%
54 1997 [51.3%] 55.8%
55 1998 [46.9%] 51.3%
56 1999 [42.6%] 46.9%
S. 6438 3
1 2000 [38.4%] 42.6%
2 2001 [34.4%] 38.4%
3 2002 [30.5%] 34.4%
4 2003 [26.7%] 30.5%
5 2004 [23.0%] 26.7%
6 2005 [19.4%] 23.0%
7 2006 [15.9%] 19.4%
8 2007 [12.6%] 15.9%
9 2008 [9.3%] 12.6%
10 2009 [6.1%] 9.3%
11 2010 [3.0%] 6.1%
12 2011 [0.0%] 3.0%
13 2012 0.0%
14 S 3. This act shall take effect July 1, 2012.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
This bill would amend both the General Municipal Law and the Retire-
ment and Social Security Law to increase the salary used in the computa-
tion of the special accidental death benefit by 3% in cases where the
date of death was before 2012.
Insofar as this bill would amend the Retirement and Social Security
Law, it is estimated that there would be an additional annual cost of
approximately $390,000 above the approximately $8.7 million current
annual cost of this benefit. This cost would be shared by the State of
New York and all participating employers of the New York State and Local
Police and Fire Retirement System.
Summary of relevant resources:
Data: March 31, 2011 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010 and 2011 Annual Report to the Comp-
troller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2011 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2011 Actuarial Valuations report.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained.
This estimate, dated January 6, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-43, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
