Authorizes Jolie Louise Baynes, the daughter of Johnny Baynes, 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 father.
STATE OF NEW YORK
________________________________________________________________________
10804
IN ASSEMBLY
July 13, 2020
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte) --
read once and referred to the Committee on Governmental Employees
AN ACT to authorize Jolie Louise Baynes, the daughter of Johnny Baynes,
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 father
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 Jolie Louise Baynes, the daughter of Johnny Baynes, who was a member of
3 the unified court system and member of the New York state and local
4 employees' retirement system, who died on March 26, 2020 from COVID-19
5 related complications prior to filing for retirement, shall be author-
6 ized to file a new service retirement application and an option election
7 form on behalf of her deceased father with a joint allowance full
8 option, if, within one year from the effective date of this act, she
9 shall submit a request therefor to the state comptroller. In addition,
10 his date of retirement shall be deemed to have been March 25, 2020. Once
11 such application is received, any rights or benefits to the pre-retire-
12 ment ordinary death benefit payable upon the death of a member in
13 service pursuant to section 448 of the retirement and social security
14 law shall be waived. Any amounts paid by the New York state and local
15 employees' retirement system as the result of the death of Johnny Baynes
16 prior to the filing of the request for a service retirement benefit
17 pursuant to this section shall be deducted from the service retirement
18 benefit payable on an actuarially equivalent basis over the expected
19 future lifetime of Jolie Louise Baynes.
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 Jolie Louise Baynes to file a service
retirement application with a date of retirement of March 25, 2020 and
an option election form with a joint allowance full option on behalf of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16790-02-0
A. 10804 2
her deceased father Johnny Baynes. Any amounts paid as a result of Mr.
Baynes' death will be deducted from the service retirement benefit paya-
ble.
If this bill is enacted during the 2020 legislative session, there
will be an immediate past service cost of approximately $1.26 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 July 13, 2020, and intended for use only during
the 2020 Legislative Session, is Fiscal Note No. 2020-129, prepared by
the Actuary for the New York State and Local Retirement System.
