Bill Text: NY A07247 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes Tracy McMahon, the widow of Aloysius F. McMahon, to file a new service retirement application and election form with the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to governmental employees [A07247 Detail]

Download: New_York-2019-A07247-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7247
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 18, 2019
                                       ___________
        Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
          Committee on Governmental Employees
        AN ACT to authorize Tracy McMahon, the widow of Aloysius F. McMahon,  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 to the contrary,
     2  Tracy McMahon, the widow of Aloysius F. McMahon, who was a member of the
     3  New York state and local employees' retirement system, who died after he
     4  filed for retirement but prior to his effective retirement  date,  shall
     5  be authorized to file a new service retirement application and an option
     6  election  form  on behalf of her deceased husband with a joint allowance
     7  full option, if, within one year from the effective date  of  this  act,
     8  she  shall  submit a request therefor to the state comptroller. In addi-
     9  tion, his date of retirement shall be deemed to have been September  11,
    10  2018.  Once  such application is received, any rights or benefits to the
    11  pre-retirement ordinary death benefit payable upon the death of a member
    12  in service pursuant to section 448 of the retirement and social security
    13  law shall be waived. Any amounts paid by the New York  state  and  local
    14  employees'  retirement  system as the result of the death of Aloysius F.
    15  McMahon prior to the filing of the  request  for  a  service  retirement
    16  benefit  pursuant  to  this  section  shall be deducted from the service
    17  retirement benefit payable thereafter on an actuarially equivalent basis
    18  over the expected future lifetime of Tracy McMahon.
    19    § 2. Any additional costs for this act shall be paid by the  state  of
    20  New York.
    21    § 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.
                                                                   LBD10982-03-9
        A. 7247                             2
          This  bill  would authorize Tracy McMahon to file a service retirement
        application with a date of retirement  of  September  11,  2018  and  an
        option election form with a joint allowance full option on behalf of her
        deceased  husband  Aloysius  F. McMahon. Any amounts paid as a result of
        Mr. McMahon's death will be deducted from the service retirement benefit
        payable.
          If  this  bill  is  enacted during the 2019 legislative session, there
        will be an immediate past service cost of  approximately  $1.12  million
        that would be borne by the State of New York as a one-time payment. This
        estimate  is  based on the assumption that payment will be made on March
        1, 2020.
          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, 2018 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2018
        Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016,  2017  and  2018  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, 2018
        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 April 5, 2019, and intended for use  only  during
        the  2019  Legislative Session, is Fiscal Note No. 2019-100, prepared by
        the Actuary for the New York State and Local Retirement System.