S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8131--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             October 13, 2023
                                ___________
 
 Introduced  by  M. of A. FALL -- read once and referred to the Committee
   on Governmental Employees -- recommitted to the Committee  on  Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee  discharged, bill amended, ordered reprinted as amended and recom-
   mitted to said committee

 AN ACT to permit accidental death benefits to be awarded to the  benefi-
   ciary of Anthony Varvaro
 
   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 law,  rule  or  regu-
 lation  to  the  contrary,  Anthony Varvaro, who was a member of the New
 York state and local police and fire retirement  system  employed  as  a
 police officer by the Port Authority of New York and New Jersey, and who
 died  on  September 11, 2022 as the result of an accident which occurred
 while he was travelling to work, shall be deemed to  have  died  as  the
 natural and proximate result of an accident sustained in the performance
 of  duty.  The  beneficiary or beneficiaries of Anthony Varvaro shall be
 eligible to receive the  accidental  death  benefit  if  an  application
 therefor  is  filed  within  one year of the effective date of this act.
 Any amounts paid by the New  York  state  and   local   police and  fire
 retirement    system as the result of the death of Anthony Varvaro prior
 to the receipt of the accidental death benefit pursuant to  this section
 shall be deducted from the benefit payable on an   actuarially    equiv-
 alent  basis    over  the expected future lifetime of the beneficiary or
 beneficiaries.
   § 2. All costs associated with this act shall be borne by the state of
 New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would make the statutory  beneficiary  or  beneficiaries  of
 Anthony Varvaro eligible to collect an accidental death benefit pursuant
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11782-05-4
              

 A. 8131--A                          2
 
 to  sections  361  and  361-a of the Retirement and Social Security Law.
 Anthony Varvaro was employed as a police officer with the Port Authority
 of New York and New Jersey until their  death  on  September  11,  2022.
 Currently,  an  ordinary  death benefit equal to three (3) times Anthony
 Varvaro's prior twelve-month salary is payable to a designated benefici-
 ary or beneficiaries.
   If this bill is enacted during the 2024 Legislative  Session  and  the
 required  application  for  an accidental death benefit is timely filed,
 there will be an immediate past  service  cost  of  approximately  $7.47
 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 March 6, 2024, and intended for use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-128, prepared by
 the Actuary for the New York State and Local Retirement System.