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S07176 Summary:

S07176 Actions:

S07176 Floor Votes:

S07176 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7176--A
            Cal. No. 801
 
                    IN SENATE
 
                                       May 1, 2014
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- reported favorably from said committee, ordered to first and second
          report, ordered to a third reading,  amended  and  ordered  reprinted,
          retaining its place in the order of third reading
 

        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 benefit shall be five years.
    15    § 2. This act shall take effect immediately and apply to all  applica-
    16  tions filed on or after such date.
          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.

          If this bill is enacted, the cost would depend on 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  ordi-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14926-02-4
        S. 7176--A                          2
 
        nary  disability,  a performance of duty disability or a service retire-
        ment.
          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 1.5 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 times final aver-
        age 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 4  times  final  average  salary.  The  number  of
        members  of 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.
          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, 2013 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2013
        Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
        Report.

          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012  and  2013  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, 2013
        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  statement  of  actuarial   opinion
        contained herein.
          This  estimate, dated April 14, 2014, and intended for use only during
        the 2014 Legislative Session, is Fiscal Note No. 2014-118,  prepared  by
        the  Actuary for the New York State and Local Police and Fire Retirement
        System.