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A07671 Summary:

BILL NOA07671
 
SAME ASSAME AS S06854
 
SPONSORO'Pharrow
 
COSPNSR
 
MLTSPNSR
 
 
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).
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A07671 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7671
 
SPONSOR: O'Pharrow
  TITLE OF BILL: An act authorizing Marie Glarakis to change the designated beneficiary of her retirement benefits   PURPOSE OR GENERAL IDEA OF BILL: To allow Ms. Glarakis a pension correction to change her beneficiary and option for retirement.   SUMMARY OF PROVISIONS: Section 1. Allow Ms. Glarakis to change her pension beneficiary to non- designated and to change her pension option from both to single- life- zero. Section 2. Effective date.   DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE): N/A   JUSTIFICATION: Marie worked for Suffolk County Police from 2001 to 2011. From 2006-2017 Marie was in a long-term relationship with her current pension benefici- ary Jamie Scandarito. In 2009, Marie was diagnosed with cancer and made Jamie her pension beneficiary. Marie received a performance of duty pension in 2011. Marie's cancer is currently in remission, and she no longer has any contact with Jamie. This legislation would allow Marie to change her pension option from joint allowance to single life allowance, where no beneficiary is selected, and pension benefit ceases upon the death of the member.   PRIOR LEGISLATIVE HISTORY: 2024 S.6575A/A.6703A; 2021-2022 S.6432/A.6703; 2019-20 S.8658/A.10815.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: See fiscal note in bill.   EFFECTIVE DATE: Immediately.
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A07671 Text:



 
                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.
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