Senate Bill S8411

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8411
 
                             I N  S E N A T E
 
                             January 29, 2024
                                ___________
 
 Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to deem an application filed with the New York  state  and  local
   police  and  fire  retirement  system  by the widow of Paul C. Adam as
   timely filed
 
   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, an application  for  conversion
 of  service  or  disability  retirement to accidental death benefits for
 victims of the 2001 World Trade Center disaster filed  by  Cynthia  Adam
 with  the New York state and local police and fire retirement system, on
 behalf of her deceased husband Paul C. Adam who was previously  employed
 by  the  department  of environmental conservation and who was granted a
 service retirement benefit in March 2013, which was filed  on  September
 11, 2018 shall be considered timely filed.
   §  2.  All  costs  of implementing the provisions of 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 deem the Application  for  Conversion  of  Service  or
 Disability  Retirement  to  Accidental  Death Benefit for Victims of the
 2001 World Trade Center Disaster originally filed by Cynthia  Adam,  the
 beneficiary  of  deceased environmental conservation police officer Paul
 Adam, on September 11, 2018 to  be  timely  filed.  Paul  Adam  died  on
 September  8,  2015.  Such  application for conversion is required to be
 filed within two years of a retiree's  date  of  death  as  provided  in
 Section 361 of the Retirement and Social Security Law.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 will be an immediate past service cost of  approximately  $3.17  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:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13351-04-4
              

 S. 8411                             2
 
   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  10,  2024,  and intended for use only
 during the 2024 Legislative Session, is Fiscal Note No. 2024-5, prepared
 by the Actuary for the New York State and Local Retirement System.