Authorizes Marie Glarakis, a former Suffolk county police officer who is receiving a performance of duty disability retirement, to change the designated beneficiary of her retirement benefits and her retirement option to single life allowance (Option 0).
STATE OF NEW YORK
________________________________________________________________________
7671
2025-2026 Regular Sessions
IN ASSEMBLY
April 4, 2025
___________
Introduced by M. of A. O'PHARROW -- read once and referred to the
Committee on Governmental Employees
AN ACT authorizing Marie Glarakis to change the designated beneficiary
of her retirement benefits
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 Marie Glarakis, who is receiving a performance of duty disability
3 retirement from the New York State and Local Police and Fire Retirement
4 System and whom retired from the Suffolk county police department on
5 December 27, 2010, and who had previously named James Scandariato as her
6 designated pension beneficiary, shall be permitted to change her benefi-
7 ciary and her retirement option from "Joint allowance" to "Single life
8 allowance" (Option 0) wherein no beneficiary is selected and the pension
9 benefit ceases upon the death of the member, if on or before six months
10 after the effective date of this act, Marie Glarakis shall submit a
11 request therefor to the state comptroller. Such benefit shall be recal-
12 culated and her new benefit amount shall be paid as of the effective
13 date of this act.
14 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would authorize Marie Glarakis, who is receiving a perform-
ance of duty disability retirement benefit from the New York State and
Local Police and Fire Retirement System (NYSLPFRS), to change their
retirement option election to a Single Life Allowance. At retirement,
Marie Glarakis elected a Pop-Up Joint Allowance Full option with James
Scandariato as the designated beneficiary. The benefit would be recalcu-
lated and payable as of the effective date of this bill with all
payments ceasing upon the death of Marie Glarakis.
If this bill is enacted during the 2025 Legislative Session, there
will be an immediate past service cost of approximately $49,000. This
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09315-02-5
A. 7671 2
cost will be shared by the State of New York and all participating
employers in the NYSLPFRS.
Summary of relevant resources:
Membership data as of March 31, 2024 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2024 actuari-
al valuation. Distributions and other statistics can be found in the
2024 Report of the Actuary and the 2024 Annual Comprehensive Financial
Report. The actuarial assumptions and methods used are described in the
2024 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, 2024 New York State and Local Retirement System Financial Statements
and Supplementary Information.
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 24, 2025, and intended for use only during
the 2025 Legislative Session, is Fiscal Note No. 2025-93. As Chief Actu-
ary of the New York State and Local Retirement System, I, Aaron Schottin
Young, hereby certify that this analysis complies with applicable Actu-
arial Standards of Practice as well as the Code of Professional Conduct
and Qualification Standards for Actuaries Issuing Statements of Actuari-
al Opinion of the American Academy of Actuaries, of which I am a member.
