Bill Text: NY A06901 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes the payment of ordinary disability retirement benefits by the New York state teachers' retirement system to Christine M. Allen, the widow of Lawrence L. Allen, if she shall file an application for such benefits with the retirement board of such retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2017-11-29 - signed chap.417 [A06901 Detail]

Download: New_York-2017-A06901-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6901
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 24, 2017
                                       ___________
        Introduced  by  M. of A. STEC -- read once and referred to the Committee
          on Governmental Employees
        AN ACT to authorize the payment of ordinary disability retirement  bene-
          fits by the New York state teachers' retirement system to the widow of
          Lawrence L.  Allen
          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  Christine M. Allen, the widow of Lawrence L. Allen, who was a member  of
     3  the  New York state teachers' retirement system, who prior to his death,
     4  in the presence of a notary public, completed and mailed an  application
     5  for  an ordinary disability retirement and a retirement election form to
     6  the New York state teachers' retirement system, and who died before  the
     7  application  was  received  by  the  New York state teachers' retirement
     8  system, shall be authorized to re-file such application and election  on
     9  behalf  of  her deceased husband, if within 1 year of the effective date
    10  of this act she shall file a request therefor with the retirement  board
    11  of the New York state teachers' retirement system.  Such application for
    12  an  ordinary  disability retirement and retirement option election shall
    13  be deemed to have become effective on March  18,  1999.  All  retirement
    14  benefits payable pursuant to the provisions of this act shall be paid to
    15  Christine  M.  Allen  and  shall  be in lieu of any other death benefits
    16  payable.
    17    § 2. This act shall take effect immediately.
          FISCAL NOTE.--This bill would allow Christine M. Allen, the  widow  of
        Lawrence  L.  Allen who was a Tier 1 member of the New York State Teach-
        ers' Retirement System who had applied for a disability  retirement  and
        died before the application was received by the New York State Teachers'
        Retirement System, to re-file such application on behalf of her deceased
        husband.  She  must  file  a request with the head of the New York State
        Teachers' Retirement System within one year of  the  effective  date  of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00660-02-7
        A. 6901                             2
        this  act. Such application for disability retirement shall be deemed to
        have become effective on March 18, 1999, and the death  benefit  payable
        would  therefore  be in accordance with the option election, and not the
        active  member  death  benefit.  The  benefit  payable  pursuant  to the
        provisions of this bill shall be paid to Christine M. Allen  and  be  in
        lieu of any other death benefit.
          The  cost  for  this  benefit  is equal to the increase in the present
        value of benefits, which is estimated to be $260,000. This cost is to be
        borne by the employers of  members  of  the  New  York  State  Teachers'
        Retirement System.
          Employee  data  is  from  the System's most recent actuarial valuation
        files, consisting of data provided by the employers  to  the  Retirement
        System.  Data  Distributions and statistics can be found in the System's
        Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
        reported  in the System's financial statements, and can also be found in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The source of this estimate is Fiscal Note 2017-8 dated March 15, 2017
        prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
        System and is intended for use only during the 2017 Legislative Session.
        I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
        Retirement System. I am a member of the American  Academy  of  Actuaries
        and  I meet the Qualification Standards of the American Academy of Actu-
        aries to render the actuarial opinion contained herein.