S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9638
 
                             I N  S E N A T E
 
                               May 16, 2024
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to provide pension benefits to the widow of deceased  firefighter
   Derek Floyd
 
   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, Derek Floyd, who was previous-
 ly  employed  by the New York city fire department prior to his death on
 April 15, 2024, is hereby deemed to have vested in  the  New  York  city
 fire  pension  fund.  Christine Floyd, the widow of deceased firefighter
 Derek Floyd is hereby eligible to file  an  application  for  and  shall
 receive  pension benefits to which she would have been entitled if Derek
 Floyd had been a member of such pension fund at the time of his death.
   § 2. All costs of implementing the provisions of  this  act  shall  be
 paid by the New York city fire department.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This  proposed legislation would deem deceased former proba-
 tionary firefighter Derek Floyd as an active member at the time  of  his
 death,  entitling  his  widow,  Christine Floyd, a Tier 3 Ordinary Death
 Benefit of three times salary.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
                 by Fiscal Year for the first 25 years ($)
                               Year        FIRE
                               2025        0
                               2026        307,000
                               2027        0
                               2028        0
                               2029        0
                               2030        0
                               2031        0
                               2032        0
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15412-03-4
 S. 9638                             2
 
                               2033        0
                               2034        0
                               2035        0
                               2036        0
                               2037        0
                               2038        0
                               2039        0
                               2040        0
                               2041        0
                               2042        0
                               2043        0
                               2044        0
                               2045        0
                               2046        0
                               2047        0
                               2048        0
                               2049        0
   The entire increase in employer contributions will be allocated to New
 York City.
 
           EXPECTED INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                          as of June 30, 2024 ($)
                     Present Value (PV)              FIRE
                     PV of Benefits:                 277,000
                     PV of Employee Contributions:   0
                     PV of Employer Contributions:   277,000
                     Unfunded Accrued Liabilities:   277,000
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                     FIRE
                     Number of Payments:             1
                     Fiscal Year of Last Payment:    2026
                     Amortization Payment:           307,000
   Since  Mr.  Floyd  is deceased, and therefore has no remaining working
 lifetime, the entire increase in Unfunded  Accrued  Liability  would  be
 recognized immediately.
   CENSUS  DATA:  The estimates presented herein are based on salary data
 provided by the New York City Fire Pension  Fund  (FIRE).  The  Ordinary
 Death  Benefit estimated is based on Mr. Floyd's earnings in his last 12
 months of service of approximately $92,200.  The  salary  data  was  not
 audited but was reviewed for reasonableness.
   BACKGROUND:  Former New York City probationary firefighter Derek Floyd
 died on April 15, 2024, after his employment with the New York City Fire
 Department ceased on November 9, 2023, so that  his  beneficiaries  were
 not entitled to the Ordinary Death Benefit afforded to members in active
 service.
   This proposed legislation would treat Mr. Floyd as an active member at
 the  time  of his death, entitling his beneficiary to an additional lump
 sum death benefit equal to three times his final year's earnings, round-
 ed up to the nearest $1,000.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems.
   RISK AND UNCERTAINTY: The costs presented in this Fiscal  Note  depend
 highly  on  the  actuarial  assumptions, methods, and models used, demo-
 S. 9638                             3
 
 graphics of the impacted population, and other factors such  as  invest-
 ment,  contribution, and other risks. If actual experience deviates from
 actuarial  assumptions,  the  actual  costs  could  differ  from   those
 presented  herein.  Quantifying  these risks is beyond the scope of this
 Fiscal Note.
   This Fiscal Note is intended to measure  pension-related  impacts  and
 does  not  include other potential costs (e.g., administrative and Other
 Postemployment Benefits).
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky are members of the Society of Actuaries and the American Academy  of
 Actuaries.  We  are  members of NYCERS but do not believe it impairs our
 objectivity and we meet the  Qualification  Standards  of  the  American
 Academy  of  Actuaries to render the actuarial opinion contained herein.
 To the best of our knowledge, the results  contained  herein  have  been
 prepared  in accordance with generally accepted actuarial principles and
 procedures and with the Actuarial Standards of Practice  issued  by  the
 Actuarial Standards Board.
   FISCAL  NOTE  IDENTIFICATION:  This  Fiscal Note 2024-52 dated May 10,
 2024 was prepared by the Chief Actuary for the New York City  Retirement
 Systems and Pension Funds. This estimate is intended for use only during
 the 2024 Legislative Session.