S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6534--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 13, 2023
                                ___________
 
 Introduced by M. of A. BRABENEC -- read once and referred to the Commit-
   tee  on  Governmental  Employees  --  recommitted  to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to authorize Susan Gillinder, the widow of Robert C.  Ritchie, 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,
 Susan Gillinder, the widow of Robert C. Ritchie, 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 comptroller.  In  addi-
 tion,  his  date  of  retirement shall be deemed to have been August 15,
 2016. 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 retirement 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  Robert  C.
 Ritchie  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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08909-04-4
              

 A. 6534--A                          2
 
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  authorize  Susan  Gillinder,  the widow of deceased
 member Robert C. Ritchie, to file a new service  retirement  application
 and option election form on behalf of their deceased spouse with the New
 York State and Local Employees' Retirement System (NYSLERS). The date of
 retirement  will  be August 15, 2016, one day prior to the date of death
 of Robert C. Ritchie. The option election  will  be  a  joint  allowance
 full.  Any rights and benefits to an ordinary death benefit payable upon
 the death of Robert C. Ritchie shall be waived. Any such  death  benefit
 paid  by  the  NYSLERS  prior  to the filing of a new service retirement
 application will be deducted from the benefits payable under this legis-
 lation.
   If this bill is enacted during the  2024  Legislative  Session,  there
 will  be  an immediate past service cost of approximately $496,000 which
 will be borne by the State of New York as a one-time payment. This esti-
 mate 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  January  26,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-71,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.