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S08753 Summary:

S08753 Actions:

S08753 Committee Votes:

S08753 Floor Votes:

S08753 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8753
 
                    IN SENATE
 
                                      July 14, 2020
                                       ___________
 
        Introduced  by  Sen. PERSAUD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to authorize Jolie Louise Baynes, the daughter of Johnny  Baynes,
          to  file a new service retirement application and option election form
          with the New York state and  local  employees'  retirement  system  on
          behalf of her deceased father

          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  Jolie Louise Baynes, the daughter of Johnny Baynes, who was a member  of
     3  the  unified  court  system  and  member of the New York state and local
     4  employees' retirement system, who died on March 26, 2020  from  COVID-19
     5  related  complications  prior to filing for retirement, shall be author-
     6  ized to file a new service retirement application and an option election
     7  form on behalf of her  deceased  father  with  a  joint  allowance  full
     8  option,  if,  within  one  year from the effective date of this act, she
     9  shall submit a request therefor to the state comptroller.  In  addition,
    10  his date of retirement shall be deemed to have been March 25, 2020. Once
    11  such  application is received, any rights or benefits to the pre-retire-
    12  ment ordinary death benefit payable  upon  the  death  of  a  member  in
    13  service  pursuant  to  section 448 of the retirement and social security
    14  law shall be waived. Any amounts paid by the New York  state  and  local
    15  employees' retirement system as the result of the death of Johnny Baynes
    16  prior  to  the  filing  of  the request for a service retirement benefit
    17  pursuant to this section shall be deducted from the  service  retirement
    18  benefit  payable  on  an  actuarially equivalent basis over the expected
    19  future lifetime of Jolie Louise Baynes.
    20    § 2. Any additional costs for this act shall be paid by the  state  of
    21  New York.
    22    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  authorize  Jolie  Louise  Baynes  to file a service
        retirement application with a date of retirement of March 25,  2020  and
        an  option election form with a joint allowance full option on behalf of
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16790-02-0
        S. 8753                             2
 
        her deceased father Johnny Baynes. Any amounts paid as a result  of  Mr.
        Baynes' death will be deducted from the service retirement benefit paya-
        ble.
          If  this  bill  is  enacted during the 2020 legislative session, there
        will be an immediate past service cost of  approximately  $1.26  million
        that would be borne by the State of New York as a one-time payment. This
        estimate  is  based on the assumption that payment will be made on March
        1, 2021.
          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, 2019 actuarial valu-
        ation. Distributions and other statistics  can  be  found  in  the  2019
        Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016, 2017, 2018, and 2019 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, 2019
        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 July 13, 2020, and intended for use only during
        the 2020 Legislative Session, is Fiscal Note No. 2020-129,  prepared  by
        the Actuary for the New York State and Local Retirement System.