Bill Text: NY A10546 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes Michael Winston Hoard, the widower of Kathy Marie Dwyer-Hoard, to file a new service retirement application and an option election form on behalf of his deceased wife with the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-06-03 - referred to governmental employees [A10546 Detail]

Download: New_York-2023-A10546-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10546

                   IN ASSEMBLY

                                      June 3, 2024
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Maher) --
          read once and referred to the Committee on Governmental Employees

        AN ACT in relation to authorizing Michael Winston Hoard, the widower  of
          Kathy  Marie Dwyer-Hoard, 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

          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  Michael Winston Hoard, the widower of Kathy Marie Dwyer-Hoard, who was a
     3  member of the New York state and local employees' retirement system, who
     4  died after she commenced the filing  of  paperwork  for  retirement  but
     5  prior to her selected retirement date, shall be authorized to file a new
     6  service  retirement application and an option election form on behalf of
     7  his deceased wife with a joint allowance full  option,  if,  within  one
     8  year  from  the  effective  date  of this act, he shall submit a request
     9  therefor to the state comptroller. In addition, her date  of  retirement
    10  shall be deemed to have been October 21, 2019.  Once such application is
    11  received,  any  rights  or benefits to the pre-retirement ordinary death
    12  benefit payable upon the death  of  a  member  in  service  pursuant  to
    13  section  448  of the retirement and social security law shall be waived.
    14  Any amounts paid by the New York state and local  employees'  retirement
    15  system  as  the  result of the death of Kathy Marie Dwyer-Hoard prior to
    16  the filing of the request for a service retirement benefit  pursuant  to
    17  this section shall be deducted from the service retirement benefit paya-
    18  ble thereafter.
    19    §  2.  Any additional costs for this act shall be paid by the state of
    20  New York.
    21    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would  authorize  Michael  Winston  Hoard,  the  widower  of
        deceased  member  Kathy Marie Dwyer-Hoard, to file a new service retire-
        ment application and option election form on behalf of the deceased with
        the New York State and Local Employees' Retirement System (NYSLERS). The

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15629-03-4
        A. 10546                            2

        date of retirement will be October 21, 2019, four days prior to the date
        of death of Kathy Marie Dwyer-Hoard. The option election will be a joint
        allowance full. Any rights and benefits to  an  ordinary  death  benefit
        payable  upon  the death of Kathy Marie Dwyer-Hoard shall be waived. Any
        such death benefit paid by the NYSLERS prior to  the  filing  of  a  new
        service  retirement application will be deducted from the benefits paya-
        ble under this legislation.
          If this bill is enacted during the  2024  Legislative  Session,  there
        will  be  an immediate past service cost of approximately $458,000 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  May 29, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No. 2024-187,  prepared  by
        the Actuary for the New York State and Local Retirement System.