Bill Text: NY S02364 | 2015-2016 | General Assembly | Introduced

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Bill Title: Authorizes Lori A. Bailie to file a retroactive retirement application with the New York state and local employees' retirement system on behalf of her deceased husband, Roger J. Bailie, and to receive all benefits payable based upon such retirement.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO CIVIL SERVICE AND PENSIONS [S02364 Detail]

Download: New_York-2015-S02364-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 2364                                                  A. 3112
                              2015-2016 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   January 22, 2015
                                      ___________
       IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Civil Service
         and Pensions
       IN ASSEMBLY -- Introduced by M. of A. FAHY, TEDISCO, STECK -- read  once
         and referred to the Committee on Governmental Employees
       AN  ACT  to authorize the widow of Roger J. Bailie to file a retroactive
         application for retirement with the New York state and  local  employ-
         ees' retirement system
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding the provisions of any  general  or  special
    2  law,  rule  or regulation to the contrary, Roger J. Bailie, who was last
    3  employed by the New York state department of  labor  as  a  director  of
    4  finance,  shall  be  deemed  eligible  for  a service retirement benefit
    5  effective May 6, 2014, notwithstanding the fact that he died on  May  6,
    6  2014.  Within  one  year  from  the  effective date of this act, Lori A.
    7  Bailie, the widow of Roger J.  Bailie,  may  file  with  the  retirement
    8  system an application for service retirement benefits on behalf of Roger
    9  J.    Bailie  with an effective date of retirement of May 6, 2014 and an
   10  option election form electing to receive retirement benefits pursuant to
   11  the terms of the joint allowance - full option with Lori A.   Bailie  as
   12  the  beneficiary.  The  filing  of a service retirement application will
   13  constitute a waiver of any rights or  benefits  to  the  ordinary  death
   14  benefit  payable  upon  the  death  of  a  member in service pursuant to
   15  sections 508 or 606 of the  retirement  and  social  security  law.  Any
   16  amounts  paid by the retirement system to Roger J. Bailie, his estate or
   17  to Lori A. Bailie prior to the filing of  the  application  for  service
   18  retirement shall be deducted from the benefit payable thereafter.
   19    S  2.  Any additional costs for this act shall be paid by the state of
   20  New York.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00832-02-5
       S. 2364                             2                            A. 3112
    1    S 3. This act shall take effect immediately.
         Fiscal Note.--Pursuant to Legislative Law, Section 50:
         This  bill  would  deem  Roger J. Bailie eligible to receive a service
       retirement benefit effective on May 6, 2014,  notwithstanding  the  fact
       that  he died on May 6, 2014. Lori A. Bailie shall be authorized to file
       for the service retirement benefit  on  his  behalf.  Further,  Lori  A.
       Bailie must waive all rights and benefits to the ordinary death benefits
       she  would  otherwise  be entitled to receive. Any payment received from
       such ordinary death benefit will be deducted from the  benefits  payable
       under this legislation.
         If  this  bill in enacted, there would be a one-time cost to the State
       of New York of approximately $836,000. This estimate  is  based  on  the
       assumption that payment will be made on March 1, 2016.
         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, 2014  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2014
       Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
       Report.
         The  actuarial  assumption  and method used are described in the 2010,
       2011, 2012, 2013 and 2014 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, 2014
       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-
       fications  Standards  to  render  the  statement  of  actuarial  opinion
       contained herein.
         This estimate, dated January 15,  2015,  and  intended  for  use  only
       during  the  2015  Legislative  Session,  is  Fiscal  Note No. 2015-029,
       prepared by the Actuary for the New  York  State  and  Local  Employees'
       Retirement System.