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S07056 Summary:

S07056 Actions:

S07056 Committee Votes:

S07056 Floor Votes:

S07056 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 7056                                                  A. 9577
 
                SENATE - ASSEMBLY
 
                                     March 21, 2016
                                       ___________
 
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Civil Service
          and Pensions
 
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Governmental Employees
 
        AN ACT to provide for an increased death benefit for the survivors of  a
          deceased police officer
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The legislature finds and declares that the  late  Theodore
     2  Raffel  served  the  village  of  Southampton  for nineteen years, three
     3  hundred sixty-four days and fifteen and one-half hours as a police offi-
     4  cer.  At the time of officer Raffel's death, a situation which  was  not
     5  due  to  negligence  on the part of such individual, there had been paid
     6  into the New York state and local police and fire retirement  system  on
     7  his  behalf  contributions  in  the  amount of approximately one hundred
     8  eighteen thousand dollars.  Nevertheless, the amount of the death  bene-
     9  fit paid to officer Raffel's widow was much less than that amount.
    10    §  2.  Notwithstanding any inconsistent provision of law, the New York
    11  state and local police and fire  retirement  system  is  authorized  and
    12  directed  to  pay  to the beneficiary of police officer Theodore Raffel,
    13  who was employed by the village of Southampton as a police officer  from
    14  1966,  until  his  death on June 1, 1986, the sum of all of the contrib-
    15  utions paid by the village of Southampton to such system  on  behalf  of
    16  such  police  officer,  less  any sums previously paid by such system to
    17  such beneficiary, with interest, compounded annually, calculated at  the
    18  rate  established  in accordance with the provisions of subdivision c of
    19  section 1202 of the retirement and social security  law.  Such  interest
    20  shall be calculated from June 1, 1986 to May 31, 2016.
    21    § 3. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This bill would create an additional death benefit paid to the benefi-
        ciary  of  deceased police officer Theodore Raffel. The additional death
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11287-10-6
        S. 7056                             2                            A. 9577
 
        benefit amount would be the sum of the contributions paid by the Village
        of Southampton to the New York State and Local Police and  Fire  Retire-
        ment  System  on  behalf of Mr. Raffel, less any sums previously paid by
        such  system  to  his  beneficiary.  Such balance would have 5% interest
        applied for the period 6/1/86 - 5/31/16.
          If this bill is enacted, the estimated cost of  the  additional  death
        benefit  would  be  approximately $171,000. This cost would be shared by
        the State of New York and all 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, 2015  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2015
        Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        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, 2015
        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  March 3, 2016 and intended for use only during
        the 2016 Legislative Session, is Fiscal Note No.  2016-73,  prepared  by
        the Actuary for the New York State and Local Retirement System.