S T A T E O F N E W Y O R K
________________________________________________________________________
8594
I N S E N A T E
March 21, 2022
___________
Introduced by Sen. PARKER -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the widow of Peter Sistrom to file a retirement
option election form on behalf of her deceased husband
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding the provisions of any general or special
law, rule or regulation to the contrary, Peter Sistrom, who was last
employed by the metropolitan transportation authority and had over twen-
ty-eight years of public service credited in the New York state and
local employees' retirement system and exceeded the age of sixty-five,
shall be deemed eligible for a service retirement benefit, notwithstand-
ing the fact that he died on September 10, 2021. On or before April 1,
2023, the spouse of Peter Sistrom, may file with the retirement system
an application for service retirement benefits on behalf of Peter
Sistrom with an effective date of retirement of September 10, 2021 and
an option election form electing to receive retirement benefits pursuant
to the terms of the joint allowance full option with Peter Sistrom's
spouse or estate as the beneficiary. Once such application is received,
any rights or benefits payable to Peter Sistrom's spouse or estate shall
be retroactive to September 10, 2021. The filing of a service retirement
application will constitute a waiver of any rights or benefits to the
ordinary death benefit payable upon the death of a member in service
pursuant to section 508 or 606 of the retirement and social security
law. Any amounts paid by the New York state and local employees'
retirement system as the result of the death of Peter Sistrom prior to
the filing of the request for a service retirement benefit pursuant to
this section shall be deducted from the pension reserve and the pension
payable thereafter shall be the actuarial equivalent of the pension
reserve as so reduced.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would deem deceased member Peter Sistrom of the New York
State and Local Employees' Retirement System (NYSLERS) eligible to
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14520-02-2
S. 8594 2
receive a service retirement benefit effective September 10, 2021. Mr.
Sistrom's spouse shall be authorized to file for the service retirement
benefit on his behalf with a joint allowance full option. Upon enactment
of this legislation, all rights and benefits to the ordinary death bene-
fit payable shall be waived. Any payments received from such ordinary
death benefit will be deducted from the benefits payable under this
legislation.
If this bill is enacted during the 2022 legislative session, there
would be a one-time cost of approximately $963,000 that would be shared
by the State of New York and the participating employers of the NYSLERS.
Summary of relevant resources:
Membership data as of March 31, 2021 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2021 actuari-
al valuation. Distributions and other statistics can be found in the
2021 Report of the Actuary and the 2021 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
and 2021 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, 2021
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 February 28, 2022, and intended for use only
during the 2022 Legislative Session, is Fiscal Note No. 2022-75,
prepared by the Actuary for the New York State and Local Retirement
System.