Bill Text: NY A06703 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Authorizes Marie Glarakis, a former Suffolk county police officer who is receiving a performance of duty disability retirement, to change the designated beneficiary of her retirement benefits and her retirement option to single life allowance (Option 0).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-18 - print number 6703a [A06703 Detail]

Download: New_York-2023-A06703-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          6703

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                       May 5, 2023
                                       ___________

        Introduced  by  M.  of  A.  JEAN-PIERRE -- read once and referred to the
          Committee on Governmental Employees

        AN ACT authorizing Marie Glarakis to change the designated   beneficiary
          of her 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  Marie Glarakis, who  is  receiving  a  performance  of  duty  disability
     3  retirement  from the New York State and Local Police and Fire Retirement
     4  System and whom retired from the Suffolk  county  police  department  on
     5  December 27, 2010, and who had previously named James Scandariato as her
     6  designated pension beneficiary, shall be permitted to change her benefi-
     7  ciary  and  her retirement option from "Joint allowance" to "Single life
     8  allowance" (Option 0) wherein no beneficiary is selected and the pension
     9  benefit ceases upon the death of the member, if on or before six  months
    10  after  the  effective  date  of  this act, Marie Glarakis shall submit a
    11  request therefor to the state comptroller. Such benefit shall be  recal-
    12  culated  and  her  new  benefit amount shall be paid as of the effective
    13  date of this act.
    14    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would authorize Marie Glarakis, who is receiving a  Perform-
        ance  of  Duty disability retirement benefit from the New York State and
        Local Police and Fire Retirement  System  (NYSLPFRS),  to  change  their
        retirement  option  election  to a Single Life Allowance. At retirement,
        Marie Glarakis elected a Pop-Up Joint Allowance Full option  with  James
        Scandariato as the designated beneficiary. The benefit would be recalcu-
        lated  and  payable  as  of  the  effective  date  of this bill with all
        payments ceasing upon the death of Marie Glarakis.
          If this bill is enacted during the  2023  legislative  session,  there
        will  be  an  immediate past service cost of approximately $50,700. This

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02989-02-3
        A. 6703                             2

        cost will be shared by the State  of  New  York  and  all  participating
        employers in the NYSLPFRS.
          Summary of relevant resources:
          Membership  data as of March 31, 2022 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2022 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in the  2020,
        2021,  and  2022  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, 2022
        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 3,  2023,  and  intended  for  use  only
        during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-44,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.