Authorizes Liliana Fernandez-Clemente, the widow of Daniel Clemente, 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.
Impact
This legislation seeks to modify existing retirement laws to ensure that widows like Liliana Fernandez-Clemente can still obtain the retirement benefits of their deceased spouses. One of the key terms of the bill outlines that any ordinary death benefits received by the retirement system prior to the approval of the new retirement application will be deducted from future retirement benefits provided under this bill. This approach addresses both the widow's access to retirement benefits and the financial implications for the retirement system.
Summary
Bill S07397, introduced by Senator Skoufis, aims to ensure that Liliana Fernandez-Clemente, the widow of Daniel Clemente, can file a new service retirement application on behalf of her deceased husband, who was a member of the New York State and Local Employees' Retirement System (NYSLERS). The bill allows her to proceed with this application despite his passing, which occurred after he started the filing paperwork but before reaching the retirement date. The bill stipulates that Daniel Clemente's retirement date will be set as December 8, 2024, right before his death.
Contention
While the bill is straightforward, there may be underlying concerns regarding the long-term financial responsibilities placed on the New York State government as a result of the one-time cost associated with this legislation. The projected immediate past service cost is estimated to be around $634,000, which the state will shoulder. Such costs could evoke debates about the sustainability of funding retirement benefits, particularly as the New York State Retirement System seeks to remain financially viable amid changing demographic and economic factors.
Same As
Authorizes Liliana Fernandez-Clemente, the widow of Daniel Clemente, 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.
Authorizes Judy A. Lynch, the widow of James G. Lynch, to file a new service retirement application and an option election form on behalf of her deceased husband with the New York state and local employees' retirement system.
Authorizes Michael Winston Hoard, the widower of Kathy Marie Dwyer-Hoard, to file a new service retirement application and an option election form on behalf of his deceased wife with the New York state and local employees' retirement system.
Authorizes Michael Winston Hoard, the widower of Kathy Marie Dwyer-Hoard, to file a new service retirement application and an option election form on behalf of his deceased wife with the New York state and local employees' retirement system.
Authorizes Tracy K. McMahon-Jenkins, the widow of Aloysius F. McMahon, to file a new service retirement application and an option election form on behalf of her deceased husband with the New York state and local employees' retirement system.
Authorizes Susan Gillinder, the widow of Robert C. Ritchie, to file a new service retirement application and an option election form on behalf of her deceased husband with the New York state and local employees' retirement system.
Authorizes Susan Gillinder, the widow of Robert C. Ritchie, to file a new service retirement application and an option election form on behalf of her deceased husband with the New York state and local employees' retirement system.
Authorizes the widow of Gerald J. Sullivan to file an application with the New York state and local police and fire retirement system on behalf of such deceased member and deem such application as timely filed.
Authorizes the widow of Gerald J. Sullivan to file an application with the New York state and local police and fire retirement system on behalf of such deceased member and deem such application as timely filed.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.