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A07330 Summary:

BILL NOA07330
 
SAME ASNo same as
 
SPONSORRabbitt
 
COSPNSR
 
MLTSPNSR
 
 
Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.
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A07330 Actions:

BILL NOA07330
 
05/10/2013referred to governmental employees
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A07330 Floor Votes:

There are no votes for this bill in this legislative session.
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A07330 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7330
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 10, 2013
                                       ___________
 
        Introduced  by M. of A. RABBITT -- read once and referred to the Commit-
          tee on Governmental Employees
 
        AN ACT to assign the late John Francis Covell to tier 4  status  in  the
          New York state teachers' retirement system as of the date of his death
 
          The  People of the State of New York, represented in Senate and Assem-

        bly, do enact as follows:
 
     1    Section 1. Notwithstanding any inconsistent  provision  of  law,  John
     2  Francis  Covell,  a  deceased  member  of  the  New York state teachers'
     3  retirement system, shall be deemed to have had tier 4 status as a member
     4  of said system on the date of his death. Said system  shall  recalculate
     5  the benefits payable on account of his death and shall pay such benefits
     6  to  his  beneficiary  as  otherwise provided, less any amount already so
     7  paid.
     8    § 2. All costs attributable to the operation  of  this  act  shall  be
     9  borne  by  the  employers  of  members  of  the New York state teachers'
    10  retirement system.
    11    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow Florence M. Covell, the widow of member John  F.

        Covell  who  died in active service, to receive the Tier 4 active member
        death benefit. Ms. Covell received  the  lesser  Tier  1  death  benefit
        because  her husband was a Tier 1 member of the New York State Teachers'
        Retirement System at the time of his death. He had recently completed  a
        tier reinstatement from Tier 4 to Tier 1.
          The cost of this benefit is equal to the increase in the present value
        of benefits, which is estimated to be $94,000.
          The  source  of this estimate is Fiscal Note 2013-28 dated May 8, 2013
        prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
        System and is intended for use only during the 2013 Legislative Session.
        I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
        Retirement System. I am a member of the American  Academy  of  Actuaries
        and  I meet the Qualification Standards of the American Academy of Actu-

        aries to render the actuarial opinion contained herein.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05176-02-3
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