S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5670
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2025
                                ___________
 
 Introduced by M. of A. KAY -- read once and referred to the Committee on
   Governmental Employees
 
 AN  ACT in relation to authorizing Michael Winston Hoard, the widower of
   Kathy Marie Dwyer-Hoard, 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,
 Michael Winston Hoard, the widower of Kathy Marie Dwyer-Hoard, who was a
 member of the New York state and local employees' retirement system, who
 died  after she filed the paperwork for retirement but prior to the date
 her retirement would have become effective, shall be authorized to  file
 a  new  service  retirement  application  and an option election form on
 behalf of his deceased wife with a  joint  allowance  full  option,  if,
 within  one  year from the effective date of this act, he shall submit a
 request therefor to the state comptroller.  In  addition,  her  date  of
 retirement  shall  be  deemed  to have been October 21, 2019.  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 Kathy Marie  Dwyer-Hoard
 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:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00943-03-5
 A. 5670                             2
              

 
   This bill would  authorize  Michael  Winston  Hoard,  the  widower  of
 deceased  member  Kathy Marie Dwyer-Hoard, to file a new service retire-
 ment application and option election form on behalf of the deceased with
 the New York State and Local Employees' Retirement System (NYSLERS). The
 date of retirement will be October 21, 2019, four days prior to the date
 of death of Kathy Marie Dwyer-Hoard. The option election will be a joint
 allowance  full.  Any  rights  and benefits to an ordinary death benefit
 payable upon the death of Kathy Marie Dwyer-Hoard 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  paya-
 ble under this legislation.
   If  this  bill  is  enacted during the 2025 Legislative Session, there
 will be an immediate past service cost of approximately  $486,000  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, 2026.
   Summary of relevant resources:
   Membership  data as of March 31, 2024 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2024  Report  of the Actuary and the 2024 Annual Comprehensive Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024 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, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   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  15,  2025,  and intended for use only
 during the 2025 Legislative Session, is  Fiscal  Note  No.  2025-11.  As
 Chief  Actuary  of  the  New  York State and Local Retirement System, I,
 Aaron Schottin Young, hereby certify that this  analysis  complies  with
 applicable  Actuarial  Standards  of  Practice  as  well  as the Code of
 Professional Conduct and Qualification Standards for  Actuaries  Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which I am a member.