Bill Text: NY A07412 | 2023-2024 | General Assembly | Amended

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Bill Title: Provides accidental disability retirement benefits for Lawrence R. Hrazanek, a participant in World Trade Center rescue, recovery, and cleanup operations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-16 - print number 7412a [A07412 Detail]

Download: New_York-2023-A07412-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7412--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 19, 2023
                                       ___________

        Introduced  by  M.  of  A.  LEVENBERG  --  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 relating to disability retirement benefits for Lawrence R. Hraza-
          nek, a participant in World Trade Center rescue, recovery, and cleanup
          operations

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Notwithstanding any other law to the contrary, Lawrence R.
     2  Hrazanek, a senior investigator employed by the New York  state  depart-
     3  ment  of  taxation  and finance who retired from such service in October
     4  2015, and who participated in the World Trade  Center  rescue,  recovery
     5  and  cleanup  operations  as  an excise tax investigator of the New York
     6  state department of taxation and finance, shall be  entitled  to  a  75%
     7  accidental  disability  retirement  benefit  pursuant  to paragraph 4 of
     8  subdivision d of section 605 of the retirement and social  security  law
     9  based  upon the determination by the New York state and local employees'
    10  retirement system that Lawrence R. Hrazanek  was  permanently  incapaci-
    11  tated for the performance of his duties as a result of his participation
    12  in  the World Trade Center rescue, recovery, or cleanup operations. Such
    13  benefit shall be payable from the date of his retirement.
    14    § 2. All costs associated with implementing this act shall be borne by
    15  the state of New York.
    16    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Lawrence R. Hrazanek, a  disability  retiree  of
        the New York State and Local Employees' Retirement System who previously
        worked  for the New York State Department of Taxation and Finance, to be
        entitled to an accidental disability retirement benefit equal to 75%  of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11087-04-4
        A. 7412--A                          2

        final  average  salary, payable pursuant to §605(d)(4) of the Retirement
        and Social Security Law, as a result of their participation in the World
        Trade Center (WTC) rescue, recovery and cleanup operations. The  retire-
        ment benefit would be recalculated and payment would be made retroactive
        to the date of retirement.
          If  this  bill  is  enacted during the 2024 legislative session, there
        will be an immediate past service cost of approximately  $793,000  which
        will be borne by the State of New York as a one-time payment. This esti-
        mate assumes that payment will be made on March 1, 2025.
          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.  2024-12,  prepared  by
        the Actuary for the New York State and Local Retirement System.