Bill Text: NY S04734 | 2015-2016 | General Assembly | Introduced

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

---

Bill Title: Authorizes the payment of ordinary disability retirement benefits by the New York state teachers' retirement system to Christine M. Allen, the widow of Lawrence L. Allen, if she shall file an application for such benefits with the retirement board of such retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-03-07 - PRINT NUMBER 4734A [S04734 Detail]

Download: New_York-2015-S04734-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4734
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    April 13, 2015
                                      ___________
       Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize the payment of ordinary disability retirement  bene-
         fits by the New York state teachers' retirement system to the widow of
         Lawrence L.  Allen
         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  Christine M. Allen, the widow of Lawrence L. Allen, who was a member  of
    3  the  New York state teachers' retirement system, who prior to his death,
    4  in the presence of a notary public, completed and mailed an  application
    5  for  an ordinary disability retirement and a retirement election form to
    6  the New York state teachers' retirement system, and who died before  the
    7  application  was  received  by  the  New York state teachers' retirement
    8  system, shall be authorized to re-file such application and election  on
    9  behalf  of  her deceased husband, if within 1 year of the effective date
   10  of this act she shall file a request therefor with the retirement  board
   11  of the New York state teachers' retirement system.  Such application for
   12  an  ordinary  disability retirement and retirement option election shall
   13  be deemed to have become effective on March  18,  1999.  All  retirement
   14  benefits payable pursuant to the provisions of this act shall be paid to
   15  Christine  M.  Allen  and  shall  be in lieu of any other death benefits
   16  payable.
   17    S 2. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill would allow Christine M. Allen, the  widow  of  Lawrence  L.
       Allen who was a Tier 1 member of the New York State Teachers' Retirement
       System  who  had applied for a disability retirement and died before the
       application was received by the  New  York  State  Teachers'  Retirement
       System,  to  re-file such application on behalf of her deceased husband.
       She must file a request with the head of the New  York  State  Teachers'
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06419-02-5
       S. 4734                             2
       Retirement  System  within  one  year of the effective date of this act.
       Such application for disability  retirement  shall  be  deemed  to  have
       become  effective on March 18, 1999, and the death benefit payable would
       therefore  be in accordance with the option election, and not the active
       member death benefit. The benefit payable pursuant to the provisions  of
       this  bill  shall  be  paid  to Christine M. Allen and be in lieu of any
       other death benefit.
         The cost for this benefit is equal to  the  increase  in  the  present
       value of benefits, which is estimated to be $260,000.
         Employee data from the System's most recent actuarial valuation files,
       consisting  of  data provided by the employers to the Retirement System.
       Data distributions and statistics can be found in the  System's  Compre-
       hensive Annual Financial Report (CAFR). System assets are as reported in
       the  System's  financial  statements, and can also be found in the CAFR.
       Actuarial assumptions and methods are provided in the System's Actuarial
       Valuation Report.
         The source of this estimate is Fiscal Note  2015-25  dated  April  10,
       2015  prepared by the Actuary of the New York State Teachers' Retirement
       System and is intended for use only during the 2015 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.