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Senate Bill S5334

2013-2014 Legislative Session

Assigns the late John Francis Covell to Tier IV status in the New York state teachers' retirement system as of the date of his death

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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Bill Amendments

2013-S5334 - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement
Versions Introduced in Other Legislative Sessions:
2009-2010: S3448
2011-2012: S3989

2013-S5334 - Summary

Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.

2013-S5334 - Sponsor Memo

2013-S5334 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5334

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to assign the late John Francis Covell to tier 4  status  in  the
  New York state teachers' retirement system as of the date of his death

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any inconsistent  provision  of  law,  John
Francis  Covell,  a  deceased  member  of  the  New York state teachers'
retirement system, shall be deemed to have had tier 4 status as a member
of said system on the date of his death. Said system  shall  recalculate
the benefits payable on account of his death and shall pay such benefits
to  his  beneficiary  as  otherwise provided, less any amount already so
paid.
  S 2. All costs attributable to the operation  of  this  act  shall  be
borne  by  the  employers  of  members  of  the New York state teachers'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would allow Florence M. Covell, the widow of member John  F.
Covell  who  died in active service, to receive the Tier 4 active member
death benefit. Ms. Covell received  the  lesser  Tier  1  death  benefit
because  her husband was a Tier 1 member of the New York State Teachers'
Retirement System at the time of his death. He had recently completed  a
tier reinstatement from Tier 4 to Tier 1.
  The cost of this benefit is equal to the increase in the present value
of benefits, which is estimated to be $94,000.
  The  source  of this estimate is Fiscal Note 2013-34 dated May 9, 2013
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2013 Legislative Session.
I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
Retirement System. I am a member of the American  Academy  of  Actuaries
and  I meet the Qualification Standards of the American Academy of Actu-
aries to render the actuarial opinion contained herein.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

2013-S5334A (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement
Versions Introduced in Other Legislative Sessions:
2009-2010: S3448
2011-2012: S3989

2013-S5334A (ACTIVE) - Summary

Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.

2013-S5334A (ACTIVE) - Sponsor Memo

2013-S5334A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5334--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen. BONACIC -- 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  assign the late John Francis Covell to tier 4 status in the
  New York state teachers' retirement system as of the date of his death

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Notwithstanding  any  inconsistent provision of law, John
Francis Covell, a deceased  member  of  the  New  York  state  teachers'
retirement system, shall be deemed to have had tier 4 status as a member
of  said  system on the date of his death. Said system shall recalculate
the benefits payable on account of his death and shall pay such benefits
to his beneficiary as otherwise provided, less  any  amount  already  so
paid.
  S  2.  All  costs  attributable  to the operation of this act shall be
borne by the employers of  members  of  the  New  York  state  teachers'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill would allow Florence M. Covell, the widow of member John F.
Covell who died in active service, to receive the Tier 4  active  member
death  benefit.  Ms.  Covell  received  the  lesser Tier 1 death benefit
because her husband was a Tier 1 member of the New York State  Teachers'
Retirement  System at the time of his death. He had recently completed a
tier reinstatement from Tier 4 to Tier 1.
  The cost for this benefit is equal to  the  increase  in  the  present
value of benefits, which is estimated to be $94,000.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05176-04-4

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