Bill Text: NY A07330 | 2013-2014 | General Assembly | Introduced

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Bill Title: Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-05-10 - referred to governmental employees [A07330 Detail]

Download: New_York-2013-A07330-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7330
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 10, 2013
                                      ___________
       Introduced  by M. of A. RABBITT -- read once and referred to the Commit-
         tee on Governmental Employees
       AN ACT to assign the late John Francis Covell to tier 4  status  in  the
         New York state teachers' retirement system as of the date of his death
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any inconsistent  provision  of  law,  John
    2  Francis  Covell,  a  deceased  member  of  the  New York state teachers'
    3  retirement system, shall be deemed to have had tier 4 status as a member
    4  of said system on the date of his death. Said system  shall  recalculate
    5  the benefits payable on account of his death and shall pay such benefits
    6  to  his  beneficiary  as  otherwise provided, less any amount already so
    7  paid.
    8    S 2. All costs attributable to the operation  of  this  act  shall  be
    9  borne  by  the  employers  of  members  of  the New York state teachers'
   10  retirement system.
   11    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill would allow Florence M. Covell, the widow of member John  F.
       Covell  who  died in active service, to receive the Tier 4 active member
       death benefit. Ms. Covell received  the  lesser  Tier  1  death  benefit
       because  her husband was a Tier 1 member of the New York State Teachers'
       Retirement System at the time of his death. He had recently completed  a
       tier reinstatement from Tier 4 to Tier 1.
         The cost of this benefit is equal to the increase in the present value
       of benefits, which is estimated to be $94,000.
         The  source  of this estimate is Fiscal Note 2013-28 dated May 8, 2013
       prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
       System and is intended for use only during the 2013 Legislative Session.
       I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
       Retirement System. I am a member of the American  Academy  of  Actuaries
       and  I meet the Qualification Standards of the American Academy of Actu-
       aries to render the actuarial opinion contained herein.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05176-02-3