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A08868 Summary:

BILL NOA08868
 
SAME ASSAME AS S08411
 
SPONSORBarclay
 
COSPNSRDeStefano, Simpson, Angelino, Durso, Norris, McDonough, Brabenec, Colton, Sayegh, Gunther, Smullen, Fahy
 
MLTSPNSR
 
 
Deems an application filed with the New York state and local police and fire retirement system by the widow of Paul C. Adam as timely filed.
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A08868 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8868
 
                   IN ASSEMBLY
 
                                    January 24, 2024
                                       ___________
 
        Introduced  by M. of A. BARCLAY -- read once and referred to the Commit-
          tee on Governmental Employees
 
        AN ACT to deem an application filed with the New York  state  and  local
          police  and  fire  retirement  system  by the widow of Paul C. Adam 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  Cynthia  Adam
     5  with  the New York state and local police and fire retirement system, on
     6  behalf of her deceased husband Paul C. Adam who was previously  employed
     7  by  the  department  of environmental conservation and who was granted a
     8  service retirement benefit in March 2013, which was filed  on  September
     9  11, 2018 shall be considered timely filed.
    10    §  2.  All  costs  of implementing the provisions of this act shall be
    11  borne by the state of New York.
    12    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would deem the Application  for  Conversion  of  Service  or
        Disability  Retirement  to  Accidental  Death Benefit for Victims of the
        2001 World Trade Center Disaster originally filed by Cynthia  Adam,  the
        beneficiary  of  deceased environmental conservation police officer Paul
        Adam, on September 11, 2018 to  be  timely  filed.  Paul  Adam  died  on
        September  8,  2015.  Such  application for conversion is required to be
        filed within two years of a retiree's  date  of  death  as  provided  in
        Section 361 of the Retirement and Social Security Law.
          If  this  bill  is  enacted during the 2024 Legislative Session, there
        will be an immediate past service cost of  approximately  $3.17  million
        which will be borne by the State of New York as a one-time payment. This
        estimate assumes that payment will be made on March 1, 2025.
          Summary of relevant resources:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13351-04-4

        A. 8868                             2
 
          Membership  data as of March 31, 2023 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2023
        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, 2023
        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  10,  2024,  and intended for use only
        during the 2024 Legislative Session, is Fiscal Note No. 2024-5, prepared
        by the Actuary for the New York State and Local Retirement System.
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