Bill Text: NY S08658 | 2019-2020 | General Assembly | Introduced
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 O).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2020-07-23 - referred to governmental employees [S08658 Detail]
Download: New_York-2019-S08658-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8658 IN SENATE July 1, 2020 ___________ Introduced by Sen. MARTINEZ -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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 (PFRS), to change her retirement option election to a Single Life Allowance. At retirement, Ms. Glarakis selected a Pop-Up Joint Allowance Full option with James Scandariato as the designated beneficiary. The benefit would be recalculated and paya- ble as of the effective date of this bill with all payments ceasing upon the death of the member. If this legislation is enacted during the 2020 legislative session, there will be an immediate past service cost of approximately $49,700. This cost would be shared by the State of New York and all of the participating employers in the PFRS. Summary of relevant resources: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15726-03-0S. 8658 2 The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2019 actuarial valu- ation. Distributions and other statistics can be found in the 2019 Report of the Actuary and the 2019 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015, 2016, 2017, 2018, and 2019 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, 2019 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 2, 2020, and intended for use only during the 2020 Legislative Session, is Fiscal Note No. 2020-93, prepared by the Actuary for the New York State and Local Retirement System.
