Bill Text: NY S08258 | 2017-2018 | General Assembly | Introduced
Bill Title: Authorizes Elizabeth O'Meara, the widow of Patrick J. O'Meara, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of such deceased member.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-04-24 - REFERRED TO CIVIL SERVICE AND PENSIONS [S08258 Detail]
Download: New_York-2017-S08258-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8258 IN SENATE April 24, 2018 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to authorize Elizabeth O'Meara, the widow of Patrick J. O'Meara, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of such deceased member 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, rule or regu- 2 lation to the contrary, Patrick J. O'Meara, who was last employed as 3 Highway Superintendent for the Town of Wilna, New York, shall be deemed 4 eligible for a service retirement benefit effective August 11, 2016, 5 notwithstanding the fact that he died on August 12, 2016. Within one 6 year from the effective date of this act, Elizabeth O'Meara, the widow 7 of Patrick J. O'Meara, shall file with the retirement system an appli- 8 cation for service retirement benefits on behalf of Patrick J. O'Meara 9 with an effective date of retirement of August 11, 2016 and an option 10 election form electing to receive retirement benefits pursuant to the 11 terms of the joint allowance full option with Elizabeth O'Meara as the 12 beneficiary. The filing of a service retirement application will consti- 13 tute a waiver of any rights or benefits to the ordinary death benefit 14 payable upon the death of a member in service pursuant to section 508 or 15 606 of the retirement and social security law. Any amounts paid by the 16 New York state and local employees' retirement system as the result of 17 the death of Patrick J. O'Meara prior to the filing of the request for 18 a service retirement benefit pursuant to this section shall be deducted 19 from the pension reserve and the pension payable thereafter shall be the 20 actuarial equivalent of the pension reserve as so reduced. 21 § 2. Any additional costs associated with the implementation of the 22 provisions of this act shall be borne by the town of Wilna. 23 § 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would deem Patrick J. O'Meara eligible for a service retire- ment benefit effective August 11, 2016, notwithstanding the fact that he EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15357-05-8S. 8258 2 died on August 12, 2016. Elizabeth O'Meara, the widow of Patrick J. O'Meara shall be authorized to file a service retirement application with a date of retirement of August 11, 2016 and an option election form selecting the joint allowance full option on behalf of her deceased husband. Any amounts paid as a result of Mr. O'Meara's death and prior to the filing of the request for a service retirement shall be deducted from the benefits payable under this legislation. If this bill is enacted, there will be an immediate past service cost of approximately $226,000 which will be borne by the town of Wilna as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2019. 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 evalu- 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 the 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 April 23, 2018, and intended for use only during the 2018 Legislative Session, is Fiscal Note No. 2018-83, prepared by the Actuary for the New York State and Local Retirement System.