Bill Text: NY S04916 | 2019-2020 | General Assembly | Introduced

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Bill Title: Grants James G. Lynch retirement from the New York state and local employees' retirement system on June 10, 2016.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S04916 Detail]

Download: New_York-2019-S04916-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4916
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 29, 2019
                                       ___________
        Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT in relation to granting James G. Lynch retirement  from  the  New
          York state and local employees' retirement system on June 10, 2016
          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, James G. Lynch,
     2  who was a member of the New York state and local  employees'  retirement
     3  system,  and who, was employed by the department of transportation for a
     4  period beginning in 1983 and ending in 1994,  and  again  for  a  period
     5  beginning  in  2002  and ending on June 13, 2016, the date of his death,
     6  and who, had other prior service credit in such retirement system of 3.5
     7  years, giving him a total of 28.54 years of service in  such  retirement
     8  system,  and  who,  had filled out paperwork in anticipation of retiring
     9  and signed such paperwork on June 10, 2016, and  who,  for  reasons  not
    10  ascribable  to  his  own  negligence,  failed to file an application for
    11  retirement prior to his date of death, shall be deemed to have  filed  a
    12  proper application for retirement and retired on June 10, 2016, if with-
    13  in  six  months of the effective date of this act, his wife, Judy Lynch,
    14  shall file a written request to that effect with the state comptroller.
    15    § 2. All costs associated by the implementation of this act  shall  be
    16  borne by the department of transportation.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  authorize  Judy  Lynch to file a service retirement
        application with a date of retirement of June 10,  2016  and  an  option
        election  form  with  a  joint  allowance  full  option on behalf of her
        deceased husband James G. Lynch. Any amounts paid as  a  result  of  Mr.
        Lynch's death will be deducted from the service retirement benefit paya-
        ble.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10743-03-9
        S. 4916                             2
          If  this  bill  is  enacted during the 2019 legislative session, there
        will be an immediate past service cost of  approximately  $429,000  that
        would  be  borne  by  the  State of New York as a one-time payment. This
        estimate is based on the assumption that payment will be made  on  March
        1, 2020.
          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, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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 March 28, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-4, prepared by the
        Actuary for the New York State and Local Retirement System.