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S06058 Summary:

S06058 Actions:

S06058 Committee Votes:

S06058 Floor Votes:

S06058 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6058--A
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                      April 1, 2021
                                       ___________
 
        Introduced  by  Sens.  STEC, BORRELLO -- 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  deem an application filed with the New York state and local
          police and fire retirement system by the widow of Stephen  L.  Raymond
          as timely filed
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1.  Notwithstanding the provisions of any general  or  special
     2  law,  rule  or regulation to the contrary, an application for conversion
     3  of service or disability retirement to  accidental  death  benefits  for
     4  victims  of  the 2001 World Trade Center disaster filed by Shari Raymond
     5  with the New York state and local police and fire retirement system,  on
     6  behalf  of  her  deceased  husband Stephen L. Raymond who was previously
     7  employed as a New York state department  of  environmental  conservation
     8  police officer and was a service retiree of the New York state and local
     9  police and fire retirement system since March 29, 2007 which pursuant to
    10  section  361  of  the retirement and social security law had to be filed
    11  with such retirement system by April 17, 2019 but was filed on  December
    12  23, 2019 shall be considered timely filed.
    13    §  2.    All costs of implementing the provisions of this act shall be
    14  paid by the state of New York.
    15    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow the application for  conversion  of  service  or
        disability  retirement  to  accidental death benefits for victims of the
        2001 World Trade Center disaster filed by Shari  Raymond  on  behalf  of
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09447-04-2
        S. 6058--A                          2
 
        Stephen  L. Raymond, who was a service retiree in the New York State and
        Local Police and Fire Retirement System, to be deemed timely.
          If  this  bill  is  enacted during the 2022 legislative session, there
        will be an immediate past service cost of  approximately  $2.07  million
        which  will be borne by the State of New York. This estimate is based on
        the assumption that payment will be made on March 1, 2023.
          Summary of relevant resources:
          Membership data as of March 31, 2021 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2021 Report of the Actuary and the 2021 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        and 2021 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, 2021
        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  January  13,  2022,  and intended for use only
        during the  2022  Legislative  Session,  is  Fiscal  Note  No.  2022-52,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.