Authorizes Rickly Dear, the widow of Noach Dear, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of her deceased husband.
STATE OF NEW YORK
________________________________________________________________________
10536
IN ASSEMBLY
May 28, 2020
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Eichenstein)
-- read once and referred to the Committee on Governmental Employees
AN ACT to authorize Rickly Dear, the widow of Noach Dear, to file a new
service retirement application and option election form with the New
York state and local employees' retirement system on behalf of her
deceased husband
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 Rickly Dear, the widow of Noach Dear, who was a member of the unified
3 court system and member of the New York state and local employees'
4 retirement system, who died on April 19, 2020 from COVID-19 related
5 complications prior to filing for retirement, shall be authorized to
6 file a new service retirement application and an option election form on
7 behalf of her deceased husband with a joint allowance full option, if,
8 within one year from the effective date of this act, she shall submit a
9 request therefor to the state comptroller. In addition, his date of
10 retirement shall be deemed to have been April 18, 2020. Once such appli-
11 cation is received, any rights or benefits to the pre-retirement ordi-
12 nary death benefit payable upon the death of a member in service pursu-
13 ant to section 448 of the retirement and social security law shall be
14 waived. Any amounts paid by the New York state and local employees'
15 retirement system as the result of the death of Noach Dear prior to the
16 filing of the request for a service retirement benefit pursuant to this
17 section shall be deducted from the service retirement benefit payable on
18 an actuarially equivalent basis over the expected future lifetime of
19 Rickly Dear.
20 § 2. Any additional costs for this act shall be paid by the state of
21 New York.
22 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would authorize Rickly Dear to file a service retirement
application with a date of retirement of April 18, 2020 and an option
election form with a joint allowance full option on behalf of her
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16472-02-0
A. 10536 2
deceased husband Noach Dear, who died on April 19, 2020. Any amounts
paid as a result of Mr. Dear's death will be deducted from the service
retirement benefit payable on an actuarially equivalent basis.
If this bill is enacted during the 2020 legislative session, there
will be an immediate past service cost of approximately $1.06 million
that would be borne by the State of New York as a one-time payment. This
estimate is based on the assumption that payment will be made on March
1, 2021.
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, 2019 actuarial valu-
ation. Distributions and other statistics can be found in the 2019
Report of the Actuary and the 2019 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017, 2018, and 2019 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, 2019
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 26, 2020, and intended for use only during
the 2020 Legislative Session, is Fiscal Note No. 2020-119, prepared by
the Actuary for the New York State and Local Retirement System.
