Bill Text: NY S08594 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the widow of Peter Sistrom to file a retirement option election on behalf of her deceased husband.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2022-05-31 - referred to governmental employees [S08594 Detail]

Download: New_York-2021-S08594-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8594

                    IN SENATE

                                     March 21, 2022
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT to authorize the widow of Peter  Sistrom  to  file  a  retirement
          option election form on behalf of her deceased husband

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding the provisions of any  general  or  special
     2  law,  rule  or  regulation  to the contrary, Peter Sistrom, who was last
     3  employed by the metropolitan transportation authority and had over twen-
     4  ty-eight years of public service credited in  the  New  York  state  and
     5  local  employees'  retirement system and exceeded the age of sixty-five,
     6  shall be deemed eligible for a service retirement benefit, notwithstand-
     7  ing the fact that he died on September 10, 2021. On or before  April  1,
     8  2023,  the  spouse of Peter Sistrom, may file with the retirement system
     9  an application for  service  retirement  benefits  on  behalf  of  Peter
    10  Sistrom  with  an effective date of retirement of September 10, 2021 and
    11  an option election form electing to receive retirement benefits pursuant
    12  to the terms of the joint allowance full  option  with  Peter  Sistrom's
    13  spouse  or estate as the beneficiary. Once such application is received,
    14  any rights or benefits payable to Peter Sistrom's spouse or estate shall
    15  be retroactive to September 10, 2021. The filing of a service retirement
    16  application will constitute a waiver of any rights or  benefits  to  the
    17  ordinary  death  benefit  payable  upon the death of a member in service
    18  pursuant to section 508 or 606 of the  retirement  and  social  security
    19  law.    Any  amounts  paid  by  the  New York state and local employees'
    20  retirement system as the result of the death of Peter Sistrom  prior  to
    21  the  filing  of the request for a service retirement benefit pursuant to
    22  this section shall be deducted from the pension reserve and the  pension
    23  payable  thereafter  shall  be  the  actuarial equivalent of the pension
    24  reserve as so reduced.
    25    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would deem deceased member Peter Sistrom  of  the  New  York
        State  and  Local  Employees'  Retirement  System  (NYSLERS) eligible to

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14520-02-2
        S. 8594                             2

        receive a service retirement benefit effective September 10,  2021.  Mr.
        Sistrom's  spouse shall be authorized to file for the service retirement
        benefit on his behalf with a joint allowance full option. Upon enactment
        of this legislation, all rights and benefits to the ordinary death bene-
        fit  payable  shall  be waived. Any payments received from such ordinary
        death benefit will be deducted from  the  benefits  payable  under  this
        legislation.
          If  this  bill  is  enacted during the 2022 legislative session, there
        would be a one-time cost of approximately $963,000 that would be  shared
        by the State of New York and the participating employers of the NYSLERS.
          Summary of relevant resources:
          Membership  data as of March 31, 2021 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        and  2021 Annual Report to the Comptroller on Actuarial Assumptions, 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, 2021
        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 fiscal note does not constitute a legal opinion on the  viability
        of  the  proposed change nor is it intended to serve as a substitute for
        the professional judgment of an attorney.
          This estimate, dated February 28, 2022,  and  intended  for  use  only
        during  the  2022  Legislative  Session,  is  Fiscal  Note  No. 2022-75,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.