S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8158
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 4, 2019
                                ___________
 
 Introduced  by M. of A. BYRNE -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT in relation to granting James G. Lynch retirement  from  the  New
   York state and local employees' retirement system on June 10, 2016
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law, James G. Lynch,
 who was a member of the New York state and local  employees'  retirement
 system,  and who, was employed by the department of transportation for a
 period beginning in 1983 and ending in 1994,  and  again  for  a  period
 beginning  in  2002  and ending on June 13, 2016, the date of his death,
 and who, had other prior service credit in such retirement system of 3.5
 years, giving him a total of 28.54 years of service in  such  retirement
 system,  and  who,  had filled out paperwork in anticipation of retiring
 and signed such paperwork on June 10, 2016, and  who,  for  reasons  not
 ascribable  to  his  own  negligence,  failed to file an application for
 retirement prior to his date of death, shall be deemed to have  filed  a
 proper application for retirement and retired on June 10, 2016, if with-
 in  six  months of the effective date of this act, his wife, Judy Lynch,
 shall file a written request to that effect with the state comptroller.
   § 2. All costs associated by the implementation of this act  shall  be
 borne by the department of transportation.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  authorize  Judy  Lynch to file a service retirement
 application with a date of retirement of June 10,  2016  and  an  option
 election  form  with  a  joint  allowance  full  option on behalf of her
 deceased husband James G. Lynch. Any amounts paid as  a  result  of  Mr.
 Lynch's death will be deducted from the service retirement benefit paya-
 ble.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10743-03-9
              

 A. 8158                             2
 
   If  this  bill  is  enacted during the 2019 legislative session, there
 will be an immediate past service cost of  approximately  $429,000  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, 2020.
   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, 2018  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  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, 2018
 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 March 28, 2019, and intended for use only during
 the 2019 Legislative Session, is Fiscal Note No. 2019-4, prepared by the
 Actuary for the New York State and Local Retirement System.