Authorizes the payment of retirement benefits by the New York state teachers' retirement system to Dominic J. Feminella, the widower of Jeannette M. Feminella, if he shall file an option election form with the retirement board of such retirement system.
STATE OF NEW YORK
________________________________________________________________________
5996
2019-2020 Regular Sessions
IN SENATE
May 16, 2019
___________
Introduced by Sen. BOYLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the widower of Jeannette M. Feminella to file a
retirement option election form
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 Dominic J. Feminella, the widower of Jeannette M. Feminella, who was a
3 member of the New York state teachers' retirement system and had filed
4 for retirement effective June 17, 2016, who prior to her death on July
5 7, 2016, in the presence of a notary public, completed an election to
6 change her originally executed retirement option with the New York state
7 teachers' retirement system to the one hundred percent survivor, and who
8 died before the changed election was received by the New York state
9 teachers' retirement system on July 9, 2016, shall be authorized to file
10 such option election form on behalf of his deceased wife to a one
11 hundred percent survivor option, if within one year of the effective
12 date of this act he shall file a request therefor with the head of the
13 New York state teachers' retirement system. Such retirement option
14 election shall be deemed to have become effective on June 17, 2016. All
15 retirement benefits payable pursuant to the provisions of this act shall
16 be paid to Dominic J. Feminella and shall be in lieu of any other
17 retirement benefits payable; provided, however, if a retirement benefit
18 was made payable prior to the effective date of this act, all monies
19 paid shall be remitted to the retirement system. Upon enactment of this
20 act, Dominic J. Feminella shall renounce all benefits to be paid under
21 the originally executed retirement option effective June 17, 2016 and
22 shall be deemed eligible for the survivor option as authorized by this
23 act.
24 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08358-02-9
S. 5996 2
This bill would allow Dominic J. Feminella, the widower of Jeannette
M. Feminella who was a retired member of the New York State Teachers'
Retirement System, to change her originally executed retirement option
to the 100% joint and survivor option designating him as the benefici-
ary. Ms. Feminella retired on June 17, 2016 and died on July 7, 2016,
two days before her signed, notarized change of election form was
received by the New York State Teachers' Retirement System. Mr. Femi-
nella must file a written request with the head of the New York State
Teachers' Retirement System within one year of the effective date of
this act. Such retirement option election shall be deemed to have become
effective on June 17, 2016. All retirement benefits payable pursuant to
the provisions of this act shall be paid to Mr. Feminella and shall be
in lieu of any other retirement benefits payable; provided, however, if
a retirement benefit was made payable prior to the effective date of
this act, all monies paid shall be remitted to the New York State Teach-
ers' Retirement System. Upon enactment of this bill, Mr. Feminella
shall renounce all benefits to be paid under the originally executed
retirement option filed effective June 17, 2016 and shall be deemed
eligible for the survivor option as authorized by this act.
The cost for this benefit is equal to the increase in the present
value of benefits, which is estimated to be $250,000. This cost is to be
borne by the employers of members of the New York State Teachers'
Retirement System. Allowing retired members to change the terms of their
option after retirement creates the potential for anti-selection and
actuarial losses.
Member 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 2019-23 dated April 19,
2019 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2019 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.