S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8012
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 21, 2025
                                ___________
 
 Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
   tee on Governmental Employees
 
 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
                          2026         0
                          2027      307,000
                          2028         0
                          2029         0
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01264-02-5
              

 A. 8012                             2
 
                          2030         0
                          2031         0
                          2032         0
                          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
                          2050         0

   The entire increase in employer contributions will be allocated to New
 York City.
   PRESENT  VALUE  OF  BENEFITS:  The  Present  Value  of Benefits is the
 discounted expected value of benefits paid to  current  members  if  all
 assumptions are met.
          INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                          as of June 30, 2025 ($)
 
             Present Value (PV)                  FIRE
             (1) PV of Employer Contributions:   277,000
             (2) PV of Employee Contributions:         0
             Total PV of Benefits (1) + (2):     277,000
 
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 Since  Mr.  Floyd  is  deceased,  and therefore has no remaining working
 lifetime, the entire increase in UAL would be recognized immediately.
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                 FIRE
             Increase (Decrease) in UAL:         277,000
             Number of Payments:                      1
             Amortization Payment:               307,000
 
   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
 A. 8012                             3
 
 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-
 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). This Fiscal Note does not reflect any  chapter
 laws that may have been enacted during the current legislative session.
   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  2025-18  dated  February
 20, 2025 was prepared by the Chief Actuary for the New York City Retire-
 ment  Systems  and Pension Funds and is intended for use only during the
 2025 Legislative Session.