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.
STATE OF NEW YORK
________________________________________________________________________
S. 2364 A. 3112
2015-2016 Regular Sessions
SENATE - ASSEMBLY
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 § 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 § 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.
