Bill Text: NY S07158 | 2017-2018 | General Assembly | Introduced
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Bill Title: Increases the special accidental death benefit paid to a widow or widower or the deceased member's children under the age of eighteen, or if a student, under the age of twenty-three.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2018-07-31 - SIGNED CHAP.179 [S07158 Detail]
Download: New_York-2017-S07158-Introduced.html
Bill Title: Increases the special accidental death benefit paid to a widow or widower or the deceased member's children under the age of eighteen, or if a student, under the age of twenty-three.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2018-07-31 - SIGNED CHAP.179 [S07158 Detail]
Download: New_York-2017-S07158-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7158 IN SENATE (Prefiled) January 3, 2018 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions 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 76 of the laws of 2017, is amended to read as 3 follows: 4 c. Commencing July first, two thousand [seventeen] eighteen the 5 special accidental death benefit paid to a widow or widower or the 6 deceased member's children under the age of eighteen or, if a student, 7 under the age of twenty-three, if the widow or widower has died, shall 8 be escalated by adding thereto an additional percentage of the salary of 9 the deceased member (as increased pursuant to subdivision b of this 10 section) in accordance with the following schedule: 11 calendar year of death 12 of the deceased member per centum 13 1977 or prior [226.2%] 236% 14 1978 [216.7%] 226.2% 15 1979 [207.5%] 216.7% 16 1980 [198.5%] 207.5% 17 1981 [189.8%] 198.5% 18 1982 [181.4%] 189.8% 19 1983 [173.2%] 181.4% 20 1984 [165.2%] 173.2% 21 1985 [157.5%] 165.2% 22 1986 [150.0%] 157.5% 23 1987 [142.7%] 150.0% 24 1988 [135.7%] 142.7% 25 1989 [128.8%] 135.7% 26 1990 [122.1%] 128.8% 27 1991 [115.7%] 122.1% 28 1992 [109.4%] 115.7% 29 1993 [103.3%] 109.4% EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13848-02-7S. 7158 2 1 1994 [97.4%] 103.3% 2 1995 [91.6%] 97.4% 3 1996 [86.0%] 91.6% 4 1997 [80.6%] 86.0% 5 1998 [75.4%] 80.6% 6 1999 [70.2%] 75.4% 7 2000 [65.3%] 70.2% 8 2001 [60.5%] 65.3% 9 2002 [55.8%] 60.5% 10 2003 [51.3%] 55.8% 11 2004 [46.9%] 51.3% 12 2005 [42.6%] 46.9% 13 2006 [38.4%] 42.6% 14 2007 [34.4%] 38.4% 15 2008 [30.5%] 34.4% 16 2009 [26.7%] 30.5% 17 2010 [23.0%] 26.7% 18 2011 [19.4%] 23.0% 19 2012 [15.9%] 19.4% 20 2013 [12.6%] 15.9% 21 2014 [9.3%] 12.6% 22 2015 [6.1%] 9.3% 23 2016 [3.0%] 6.1% 24 2017 [0.0%] 3.0% 25 2018 0.0% 26 § 2. Subdivision c of section 361-a of the retirement and social secu- 27 rity law, as amended by chapter 76 of the laws of 2017, is amended to 28 read as follows: 29 c. Commencing July first, two thousand [seventeen] eighteen the 30 special accidental death benefit paid to a widow or widower or the 31 deceased member's children under the age of eighteen or, if a student, 32 under the age of twenty-three, if the widow or widower has died, shall 33 be escalated by adding thereto an additional percentage of the salary of 34 the deceased member, as increased pursuant to subdivision b of this 35 section, in accordance with the following schedule: 36 calendar year of death 37 of the deceased member per centum 38 1977 or prior [226.2%] 236% 39 1978 [216.7%] 226.2% 40 1979 [207.5%] 216.7% 41 1980 [198.5%] 207.5% 42 1981 [189.8%] 198.5% 43 1982 [181.4%] 189.8% 44 1983 [173.2%] 181.4% 45 1984 [165.2%] 173.2% 46 1985 [157.5%] 165.2% 47 1986 [150.0%] 157.5% 48 1987 [142.7%] 150.0% 49 1988 [135.7%] 142.7% 50 1989 [128.8%] 135.7% 51 1990 [122.1%] 128.8% 52 1991 [115.7%] 122.1% 53 1992 [109.4%] 115.7% 54 1993 [103.3%] 109.4% 55 1994 [97.4%] 103.3% 56 1995 [91.6%] 97.4%S. 7158 3 1 1996 [86.0%] 91.6% 2 1997 [80.6%] 86.0% 3 1998 [75.4%] 80.6% 4 1999 [70.2%] 75.4% 5 2000 [65.3%] 70.2% 6 2001 [60.5%] 65.3% 7 2002 [55.8%] 60.5% 8 2003 [51.3%] 55.8% 9 2004 [46.9%] 51.3% 10 2005 [42.6%] 46.9% 11 2006 [38.4%] 42.6% 12 2007 [34.4%] 38.4% 13 2008 [30.5%] 34.4% 14 2009 [26.7%] 30.5% 15 2010 [23.0%] 26.7% 16 2011 [19.4%] 23.0% 17 2012 [15.9%] 19.4% 18 2013 [12.6%] 15.9% 19 2014 [9.3%] 12.6% 20 2015 [6.1%] 9.3% 21 2016 [3.0%] 6.1% 22 2017 [0.0%] 3.0% 23 2018 0.0% 24 § 3. This act shall take effect July 1, 2018. 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 2018. 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 $493,000 above the approximately $11.3 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: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2017 actuarial valu- ation. Distributions and other statistics can be found in the 2017 Report of the Actuary and the 2017 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in 2015, 2016, and 2017 Annual Report to the Comptroller on Actuarial Assump- tions, 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, 2017 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 December 8, 2017, and intended for use only during the 2018 Legislative Session, is Fiscal Note No. 2018-15, prepared by the Actuary for the New York State and Local Retirement System.
