Bill Text: NY S08264 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to authorizing the son of Barry M. Dennis, Gregory Dennis, to be designated the beneficiary of his retirement benefits by Bruce M. Dennis acting in his capacity as power of attorney.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-06-11 - referred to governmental employees [S08264 Detail]

Download: New_York-2017-S08264-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8264
                    IN SENATE
                                     April 25, 2018
                                       ___________
        Introduced  by Sen. PHILLIPS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT in relation to authorizing the son  of  Barry  M.  Dennis  to  be
          designated the beneficiary of his retirement benefits
          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  Gregory Dennis, who had been named as the survivor  beneficiary  of  his
     3  father Barry M.  Dennis, a former employee of the Nassau County district
     4  attorney's  office,  on  June  7,  2017 by Bruce M. Dennis acting in his
     5  capacity as power of attorney for his brother Barry  and  who  had  been
     6  confirmed  as  the  beneficiary  in a letter from the New York state and
     7  local employees' retirement system dated June 19, 2017 and who was later
     8  informed in a letter dated July 14, 2017 which was received by Bruce  M.
     9  Dennis  on  July  19,  2017  that as a result of a statutory gifts rider
    10  pursuant to section 5-1514 of the general obligations law not  adjoining
    11  the  statutory  short  form power of attorney that the paper work naming
    12  Gregory Dennis as the beneficiary was not properly submitted  and  as  a
    13  result the only option that was legally available to Barry M. Dennis was
    14  "Option  0"  wherein  no beneficiary is selected and the pension benefit
    15  cease upon the death of the member, shall be deemed the  beneficiary  of
    16  the retirement benefits of Barry M. Dennis as if such required statutory
    17  gifts  rider  had  been  present,  and shall receive the option that was
    18  selected on the option election form that was rejected due to the  unac-
    19  ceptable  power  of attorney, if on or before December 31, 2018 Bruce M.
    20  Dennis shall submit a request therefor to the state comptroller.
    21    § 2. Any amounts paid by the  New  York  state  and  local  employees'
    22  retirement  system  to  Barry  M. Dennis, his estate or to his benefici-
    23  aries, which exceed those amounts that would have been payable  if  such
    24  required  statutory  gift rider had been present, will be deducted on an
    25  actuarially equivalent basis over the expected future lifetime of Grego-
    26  ry Dennis from the benefits payable to him pursuant to this act.
    27    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13797-04-8
        S. 8264                             2
          Barry M. Dennis was retired under an option 0,  affording  no  contin-
        uance  upon  his  death, following a failure of his agent to provide the
        necessary and requested documentation to properly execute an election of
        a Joint Survivor 100%, under which payments would continue  to  his  son
        Gregory  Dennis  upon his death. This bill would deem Gregory Dennis the
        beneficiary of a Joint  Survivor  100%  continuance,  upon  the  written
        request  of  the  member's agent Bruce M Dennis. Any overpayments by the
        New York State and Local Employees' Retirement System on behalf of Barry
        M.  Dennis  will  offset  the  future  benefit  payable  via   actuarial
        reduction.
          If  this  bill  is  enacted, there will be a one-time cost to New York
        State of approximately $699,000. This estimate is based on  the  assump-
        tion that payment will be made on March 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  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 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 4, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No.  2018-16,  prepared  by
        the Actuary for the New York State and Local Retirement System.