Authorizes the payment of ordinary disability retirement benefits by the New York state teachers' retirement system to Christine M. Allen, the widow of Lawrence L. Allen, if she shall file an application for such benefits with the retirement board of such retirement system.
STATE OF NEW YORK
________________________________________________________________________
4734--A
2015-2016 Regular Sessions
IN SENATE
April 13, 2015
___________
Introduced by Sen. LITTLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to authorize the payment of ordinary disability retirement bene-
fits by the New York state teachers' retirement system to the widow of
Lawrence L. Allen
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 Christine M. Allen, the widow of Lawrence L. Allen, who was a member of
3 the New York state teachers' retirement system, who prior to his death,
4 in the presence of a notary public, completed and mailed an application
5 for an ordinary disability retirement and a retirement election form to
6 the New York state teachers' retirement system, and who died before the
7 application was received by the New York state teachers' retirement
8 system, shall be authorized to re-file such application and election on
9 behalf of her deceased husband, if within 1 year of the effective date
10 of this act she shall file a request therefor with the retirement board
11 of the New York state teachers' retirement system. Such application for
12 an ordinary disability retirement and retirement option election shall
13 be deemed to have become effective on March 18, 1999. All retirement
14 benefits payable pursuant to the provisions of this act shall be paid to
15 Christine M. Allen and shall be in lieu of any other death benefits
16 payable.
17 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Christine M. Allen, the widow of Lawrence L.
Allen who was a Tier 1 member of the New York State Teachers' Retirement
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06419-06-6
S. 4734--A 2
System who had applied for a disability retirement and died before the
application was received by the New York State Teachers' Retirement
System, to re-file such application on behalf of her deceased husband.
She must file a request with the head of the New York State Teachers'
Retirement System within one year of the effective date of this act.
Such application for disability retirement shall be deemed to have
become effective on March 18, 1999, and the death benefit payable would
therefore be in accordance with the option election, and not the active
member death benefit. The benefit payable pursuant to the provisions of
this bill shall be paid to Christine M. Allen and be in lieu of any
other death benefit.
The cost for this benefit is equal to the increase in the present
value of benefits, which is estimated to be $260,000.
Employee data is from the System's most recent actuarial valuation
files, consisting of data provided by the employers to the Retirement
System. Data distributions and statistics can be found in the System's
Comprehensive Annual Financial Report (CAFR). System assets are as
reported in the System's financial statements, and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
The source of this estimate is Fiscal Note 2016-16 dated March 4, 2016
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2016 Legislative Session.
I, Richard A. Young, am the Actuary for the New York State Teachers'
Retirement System. I am a member of the American Academy of Actuaries
and I meet the Qualification Standards of the American Academy of Actu-
aries to render the actuarial opinion contained herein.
