Bill Text: NY A08484 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.

Spectrum: Strong Partisan Bill (Democrat 25-2)

Status: (Passed) 2014-07-22 - signed chap.104 [A08484 Detail]

Download: New_York-2013-A08484-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8484
                                 I N  A S S E M B L Y
                                   January 17, 2014
                                      ___________
       Introduced by M. of A. MARKEY -- read once and referred to the Committee
         on Governmental Employees
       AN  ACT to amend the general municipal law and the retirement and social
         security law, in relation to  increasing  certain  special  accidental
         death benefits
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision c of section 208-f  of  the  general  municipal
    2  law,  as  amended by chapter 196 of the laws of 2013, is amended to read
    3  as follows:
    4    c. Commencing July first, two thousand [thirteen] FOURTEEN the special
    5  accidental death benefit paid to a widow  or  widower  or  the  deceased
    6  member's  children under the age of eighteen or, if a student, under the
    7  age of twenty-three, if the widow or widower has died,  shall  be  esca-
    8  lated  by  adding  thereto an additional percentage of the salary of the
    9  deceased member (as increased pursuant to subdivision b of this section)
   10  in accordance with the following schedule:
   11       calendar year of death
   12       of the deceased member              per centum
   13            1977 or prior                  [189.8%] 198.5%
   14            1978                           [181.4%] 189.8%
   15            1979                           [173.2%] 181.4%
   16            1980                           [165.2%] 173.2%
   17            1981                           [157.5%] 165.2%
   18            1982                           [150.0%] 157.5%
   19            1983                           [142.7%] 150.0%
   20            1984                           [135.7%] 142.7%
   21            1985                           [128.8%] 135.7%
   22            1986                           [122.1%] 128.8%
   23            1987                           [115.7%] 122.1%
   24            1988                           [109.4%] 115.7%
   25            1989                           [103.3%] 109.4%
   26            1990                            [97.4%] 103.3%
   27            1991                            [91.6%] 97.4%
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13494-02-4
       A. 8484                             2
    1            1992                            [86.0%] 91.6%
    2            1993                            [80.6%] 86.0%
    3            1994                            [75.4%] 80.6%
    4            1995                            [70.2%] 75.4%
    5            1996                            [65.3%] 70.2%
    6            1997                            [60.5%] 65.3%
    7            1998                            [55.8%] 60.5%
    8            1999                            [51.3%] 55.8%
    9            2000                            [46.9%] 51.3%
   10            2001                            [42.6%] 46.9%
   11            2002                            [38.4%] 42.6%
   12            2003                            [34.4%] 38.4%
   13            2004                            [30.5%] 34.4%
   14            2005                            [26.7%] 30.5%
   15            2006                            [23.0%] 26.7%
   16            2007                            [19.4%] 23.0%
   17            2008                            [15.9%] 19.4%
   18            2009                            [12.6%] 15.9%
   19            2010                             [9.3%] 12.6%
   20            2011                             [6.1%] 9.3%
   21            2012                             [3.0%] 6.1%
   22            2013                             [0.0%] 3.0%
   23            2014                             0.0%
   24    S 2. Subdivision c of section 361-a of the retirement and social secu-
   25  rity  law,  as amended by chapter 196 of the laws of 2013, is amended to
   26  read as follows:
   27    c. Commencing July first, two thousand [thirteen] FOURTEEN the special
   28  accidental death benefit paid to a widow  or  widower  or  the  deceased
   29  member's  children under the age of eighteen or, if a student, under the
   30  age of twenty-three, if the widow or widower has died,  shall  be  esca-
   31  lated  by  adding  thereto an additional percentage of the salary of the
   32  deceased member, as increased pursuant to subdivision b of this section,
   33  in accordance with the following schedule:
   34       calendar year of death
   35       of the deceased member              per centum
   36            1977 or prior                    [189.8%] 198.5%
   37            1978                             [181.4%] 189.8%
   38            1979                             [173.2%] 181.4%
   39            1980                             [165.2%] 173.2%
   40            1981                             [157.5%] 165.2%
   41            1982                             [150.0%] 157.5%
   42            1983                             [142.7%] 150.0%
   43            1984                             [135.7%] 142.7%
   44            1985                             [128.8%] 135.7%
   45            1986                             [122.1%] 128.8%
   46            1987                             [115.7%] 122.1%
   47            1988                             [109.4%] 115.7%
   48            1989                             [103.3%] 109.4%
   49            1990                              [97.4%] 103.3%
   50            1991                              [91.6%] 97.4%
   51            1992                              [86.0%] 91.6%
   52            1993                              [80.6%] 86.0%
   53            1994                              [75.4%] 80.6%
   54            1995                              [70.2%] 75.4%
   55            1996                              [65.3%] 70.2%
   56            1997                              [60.5%] 65.3%
       A. 8484                             3
    1            1998                              [55.8%] 60.5%
    2            1999                              [51.3%] 55.8%
    3            2000                              [46.9%] 51.3%
    4            2001                              [42.6%] 46.9%
    5            2002                              [38.4%] 42.6%
    6            2003                              [34.4%] 38.4%
    7            2004                              [30.5%] 34.4%
    8            2005                              [26.7%] 30.5%
    9            2006                              [23.0%] 26.7%
   10            2007                              [19.4%] 23.0%
   11            2008                              [15.9%] 19.4%
   12            2009                              [12.6%] 15.9%
   13            2010                              [9.3%] 12.6%
   14            2011                              [6.1%] 9.3%
   15            2012                              [3.0%] 6.1%
   16            2013                              [0.0%] 3.0%
   17            2014                              0.0%
   18    S 3. This act shall take effect July 1, 2014.
         FISCAL  NOTE.--  This  bill would amend both the General Municipal Law
       and the Retirement and Social Security Law to increase the  salary  used
       in  the  computation  of  the  special accidental death benefit by 3% in
       cases where the date of death was before 2014.
         Insofar as this bill would amend the Retirement  and  Social  Security
       Law,  it  is  estimated that there would be an additional annual cost of
       approximately $438,000 above  the  approximately  $9.7  million  current
       annual  cost  of this benefit. This cost would be shared by the State of
       New York and all participating employers of the New York State and Local
       Police and Fire Retirement System.
         Summary of relevant resources:
         The membership data used in  measuring  the  impact  of  the  proposed
       change  was  the same as that used in the March 31, 2013 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2013
       Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
       Report.
         The Market Assets and GASB Disclosures are found in the March 31, 2013
       New York State and Local  Retirement  System  Financial  Statements  and
       Supplementary Information.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
       Assumptions,  and  the  Codes  Rules and Regulations of the State of New
       York: Audit and Control.
         I am a member of the American Academy of Actuaries and meet the Quali-
       fication Standards to render the actuarial opinion contained herein.
         This estimate, dated January 13, 2014 and intended for use only during
       the 2014 Legislative Session, is Fiscal Note No.  2014-55,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.
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