Bill Text: NY S08679 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes Harvey Eilbaum to file a request to nominate an additional beneficiary with the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-07-06 - REFERRED TO RULES [S08679 Detail]

Download: New_York-2019-S08679-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8679

                    IN SENATE

                                      July 6, 2020
                                       ___________

        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT in relation to authorizing Harvey Eilbaum to file a  request  for
          change  of  beneficiary  with  the New York state and local employees'
          retirement system

          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, Harvey Eilbaum,
     2  who  is  currently  a  member of the New York state and local employees'
     3  retirement system, who retired from the Rockland county district  attor-
     4  ney's  office  on  May 21, 2004, shall be authorized to change his named
     5  beneficiary to Janice Eilbaum, if within one year of the effective  date
     6  of this act, he shall file a written request on a form prescribed by the
     7  New  York  state and local employees' retirement system with the head of
     8  said retirement system.
     9    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would authorize Harvey Eilbaum, a retiree of  the  New  York
        State  and Local Employees' Retirement System (ERS), to change his named
        beneficiary to Janice Eilbaum.
          If this bill is enacted during the  2020  legislative  session,  there
        will  be  an  immediate  past service cost of approximately $20,800 that
        would be shared by the State of New York and all participating employers
        in the ERS.
          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, 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.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16772-04-0
        S. 8679                             2

          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 June 26, 2020, and intended for use only during
        the 2020 Legislative Session, is Fiscal Note No. 2020-126,  prepared  by
        the Actuary for the New York State and Local Retirement System.