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S04622 Summary:

S04622 Actions:

S04622 Committee Votes:

S04622 Floor Votes:

S04622 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4622
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    February 22, 2017
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to amend the retirement and social security law, in  relation  to
          accidental disability retirement
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 2 of subdivision a of section 363 of the  retire-
     2  ment  and  social security law, as amended by chapter 489 of the laws of
     3  2008, is amended to read as follows:
     4    2. Actually in service upon which his membership is based. However, in
     5  a case where a member is discontinued from  service  subsequent  to  the
     6  accident,  either  voluntarily  or  involuntarily, and provided that the
     7  member meets the requirements of  paragraph  one  of  this  subdivision,
     8  application  may be made, either (a) by a vested member incapacitated as
     9  the result of a qualifying World Trade Center condition  as  defined  in
    10  section two of this chapter at any time, or (b) not later than two years
    11  after  the  member is first discontinued from service.  Provided further
    12  that in the case of an application filed for accidental disability bene-
    13  fits pursuant to section three hundred sixty-three-d of this title,  the
    14  requirements for filing for such benefits shall be five years.
    15    §  2. This act shall take effect immediately and apply to all applica-
    16  tions filed on or after January 1, 2014.
          FISCAL NOTE.--Pursuant to legislative law, Section 50:
          This bill would extend the filing deadline from 2 years to 5 years for
        active and retired firefighters in the New York State and  Local  Police
        and  Fire  Retirement System to file an application for accidental disa-
        bility retirement due to certain cancers. It will apply to all disabili-
        ty applications filed on or after January 1, 2014.
          If this bill is enacted, the cost would depend on  the  age,  service,
        salary  and  plan  of the affected firefighters, as well as whether such
        person would have otherwise been eligible for, or has been receiving  an
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08114-02-7
        S. 4622                             2
 
        ordinary  disability,  a  performance  of  duty  disability or a service
        retirement.
          For  those  who apply for this benefit subsequent to a service retire-
        ment, it is estimated that there would be an average per person cost  of
        approximately  2  times final average salary. For those who apply subse-
        quent to a performance of duty retirement, it is  estimated  that  there
        would  be  an  average  per person cost of approximately 2.5 times final
        average salary. For those who apply subsequent to an ordinary disability
        retirement, it is estimated that there would be an  average  per  person
        cost  of  approximately  5  times  final  average  salary. The number of
        members and retirees who could be affected by this legislation cannot be
        readily determined. These costs would be borne by the State of New  York
        and  all  the  participating  employers  in the New York State and Local
        Police and Fire Retirement System.
          For the one person known to be affected, there will be a one-time cost
        of approximately $256,000. This cost will be shared by the State of  New
        York and all the participating employers in the New York State and Local
        Police and Fire Retirement System.
          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, 2016  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2016
        Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        and 2016 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, 2016
        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  estimate,  dated  February  14,  2017, and intended for use only
        during the  2017  Legislative  Session,  is  Fiscal  Note  No.  2017-44,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.