Authorizes Judy A. Lynch, the widow of James G. Lynch, to file a new service retirement application and an option election form on behalf of her deceased husband with the New York state and local employees' retirement system.
STATE OF NEW YORK
________________________________________________________________________
10558
IN ASSEMBLY
June 3, 2024
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Zebrowski)
-- read once and referred to the Committee on Governmental Employees
AN ACT in relation to authorizing Judy A. Lynch, the widow of James G.
Lynch, 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 Judy A. Lynch, the widow of James G. Lynch, who was a member of the New
3 York state and local employees' retirement system, who died after he
4 commenced the filing of paperwork for retirement but prior to his
5 selected retirement date, shall be authorized to file a new service
6 retirement application and an option election form on behalf of her
7 deceased husband with a joint allowance full option, if, within one year
8 from the effective date of this act, she shall submit a request therefor
9 to the state comptroller. In addition, his date of retirement shall be
10 deemed to have been June 12, 2016. Once such application is received,
11 any rights or benefits to the pre-retirement ordinary death benefit
12 payable upon the death of a member in service pursuant to section 448 of
13 the retirement and social security law shall be waived. Any amounts paid
14 by the New York state and local employees' retirement system as the
15 result of the death of James G. Lynch prior to the filing of the request
16 for a service retirement benefit pursuant to this section shall be
17 deducted from the service retirement benefit payable thereafter.
18 § 2. Any additional costs for this act shall be paid by the state of
19 New York.
20 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would deem James G. Lynch retired effective June 12, 2016,
notwithstanding their death on June 13, 2016. Judy A. Lynch, the widow
of James G. Lynch, shall be authorized to file an option election form
selecting the joint allowance full option on behalf of their deceased
husband. The amount paid to Judy A. Lynch shall be less any sums previ-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15479-03-4
A. 10558 2
ously paid by the New York State and Local Employees' Retirement System
to any beneficiary of James G. Lynch.
If this bill is enacted during the 2024 Legislative Session, there
will be an immediate past service cost of approximately $593,000 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 24, 2024, and intended for use only during
the 2024 Legislative Session, is Fiscal Note No. 2024-179, prepared by
the Actuary for the New York State and Local Retirement System.
