New York Assembly Bill A06703 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6703--A 2023-2024 Regular Sessions  IN ASSEMBLY May 5, 2023 ___________ Introduced by M. of A. JEAN-PIERRE -- read once and referred to the Committee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 (NYSLPFRS), to change their retirement option election to a Single Life Allowance. At retirement, Marie Glarakis elected a Pop-Up Joint Allowance Full option with James Scandariato as the designated beneficiary. The benefit would be recalcu- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02989-04-4 
 A. 6703--A 2 lated and payable as of the effective date of this bill with all payments ceasing upon the death of Marie Glarakis. If this bill is enacted during the 2024 Legislative Session, there will be an immediate past service cost of approximately $50,000. This cost will be shared by the State of New York and all participating employers in the NYSLPFRS. Summary of relevant resources: Membership data as of March 31, 2023 was used in measuring the impact of the proposed change, the same data used in the April 1, 2023 actuari- al valuation. Distributions and other statistics can be found in the 2023 Report of the Actuary and the 2023 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2023 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, 2023 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 January 3, 2024, and intended for use only during the 2024 Legislative Session, is Fiscal Note No. 2024-23 Revised, prepared by the Actuary for the New York State and Local Retirement System.