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

                                  9607

                          I N  A S S E M B L Y

                             March 22, 2016
                               ___________

Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
  tee on Governmental Employees

AN  ACT  to amend the retirement and social security law, in relation to
  increasing the survivor's benefit of a retired state employee

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

  Section  1.  Subdivision 2 of section 657 of the retirement and social
security law, as added by chapter 75 of the laws of 1989, is amended  to
read as follows:
  2.  The  amount  of a survivor's benefit under this section shall be a
lump sum of two thousand FIVE  HUNDRED  dollars,  except  that  where  a
retired  state employee dies while reemployed as provided in subdivision
four of this section or dies within  thirty  days  following  retirement
pursuant  to  subdivision  one of this section, the amount of the survi-
vor's benefit under this section, if any, shall be two thousand  dollars
OR  SUCH AMOUNT OTHERWISE RECEIVED PURSUANT TO THIS SUBDIVISION less any
ordinary death benefit, exclusive of any ordinary death benefit  attrib-
utable to the reserve-for-increased-take-home-pay, payable on account of
the  death  of  such  employee under a retirement system or pension plan
supported by funds of the state.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill will increase the Survivor's Benefit by $500.  For  eligible
state  employees  who  retired  prior to April 1, 1970, the benefit will
increase form $2,000 to $2,500 and  for  eligible  state  employees  who
retired  after  April  1, 1970, the benefit will increase form $3,000 to
$3,500.
  If this bill is enacted, for the first year,  the  annual  payment  of
survivor's  benefits  which  will  be paid by the State of New York will
increase approximately $1.9 million.
  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

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

                                                           LBD14701-02-6

A. 9607                             2

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 the 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 17, 2016, and intended for use only  during
the  2016  Legislative  Session, is Fiscal Note No. 2016-81, prepared by
the Actuary for the New York State and Local Retirement System.