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.
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.
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.
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.