Assembly Bill A10480

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10480
 
                           I N  A S S E M B L Y
 
                               May 29, 2024
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Zebrowski)
   -- read once and referred to the Committee on Governmental Employees
 
 AN ACT in relation to authorizing Tracy K. McMahon-Jenkins, the widow of
   Aloysius F. McMahon, to file a new service retirement application  and
   option  election  form  with  the  New York state and local employees'
   retirement system on behalf of such deceased member

   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 to the contrary,
 Tracy  K.  McMahon-Jenkins,  the widow of Aloysius F. McMahon, who was a
 member of the New York state and local employees' retirement system, who
 died after he filed for retirement but prior to his selected  retirement
 date,  shall  be authorized to file a new service retirement application
 and an option election form on behalf of her  deceased  husband  with  a
 joint allowance full option, if, within one year from the effective date
 of  this  act,  she  shall  submit a request therefor to the state comp-
 troller. In addition, his date of retirement shall  be  deemed  to  have
 been  September 12, 2018.  Once such application is received, any rights
 or benefits to the pre-retirement ordinary death  benefit  payable  upon
 the  death of a member in service pursuant to section 448 of the retire-
 ment and social security law shall be waived. Any amounts  paid  by  the
 New  York  state and local employees' retirement system as the result of
 the death of Aloysius F.  McMahon prior to the filing of the request for
 a service retirement benefit pursuant to this section shall be  deducted
 from the service retirement benefit payable thereafter.
   §  2.  Any additional costs for this act shall be paid by the state of
 New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would deem Aloysius F. McMahon retired  effective  September
 12,  2018,  notwithstanding  their death on September 13, 2018. Tracy K.
 McMahon-Jenkins, the widow of Aloysius F.  McMahon, shall be  authorized
 to  file  an  option  election  form  selecting the joint allowance full
 option on behalf of their deceased husband. The amount paid to Tracy  K.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15393-03-4
 A. 10480                            2
 
 McMahon-Jenkins  shall  be less any sums previously paid by the New York
 State and Local Employees' Retirement System to any beneficiary of Aloy-
 sius F. McMahon.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 will be an immediate past service cost of  approximately  $1.74  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:
   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 May 14, 2024, and intended for  use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-173, prepared by
 the Actuary for the New York State and Local Retirement System.