senate Bill S4979B

Amended

Provides beneficiaries with the same allocation of retirement benefits

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 02 / May / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 07 / Jun / 2013
    • AMEND (T) AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 07 / Jun / 2013
    • PRINT NUMBER 4979A
  • 13 / Jun / 2013
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 13 / Jun / 2013
    • PRINT NUMBER 4979B
  • 08 / Jan / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 19 / May / 2014
    • 1ST REPORT CAL.786
  • 20 / May / 2014
    • 2ND REPORT CAL.
  • 21 / May / 2014
    • ADVANCED TO THIRD READING
  • 10 / Jun / 2014
    • PASSED SENATE
  • 10 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 10 / Jun / 2014
    • REFERRED TO WAYS AND MEANS
  • 11 / Jun / 2014
    • RECALLED FROM ASSEMBLY
  • 11 / Jun / 2014
    • RETURNED TO SENATE
  • 11 / Jun / 2014
    • VOTE RECONSIDERED - RESTORED TO THIRD READING
  • 11 / Jun / 2014
    • AMENDED ON THIRD READING 4979C
  • 16 / Jun / 2014
    • REPASSED SENATE
  • 16 / Jun / 2014
    • RETURNED TO ASSEMBLY
  • 16 / Jun / 2014
    • REFERRED TO WAYS AND MEANS

Summary

Provides beneficiaries with the same allocation of retirement benefits if the member has the service retirement application, disability retirement applications or option election forms postmarked prior to his or her death.

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Bill Details

Versions:
S4979
S4979A
S4979B
S4979C
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Retirement and Social Security Law
Laws Affected:
Add ยงยง74-a & 374-a, R & SS L
Versions Introduced in Previous Legislative Cycles:
2011-2012: A5088A
2009-2010: A7168
2007-2008: A11443A

Sponsor Memo

BILL NUMBER:S4979B

TITLE OF BILL: An act to amend the retirement and social security
law, in relation to providing beneficiaries with the same allocation
of retirement benefits if the member has the service retirement
application, disability retirement applications or option election
forms postmarked prior to his or her death

PURPOSE: The purpose of the bill is direct the Retirement System to
process retirement applications with the same allocation of such
benefits for members of the system that filed their retirement
paperwork, as if they did not die during the 30 day processing time
for the retirement system.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 - Amends the RSSL by adding a new section 74a

Section 2 - Amends the RSSL by adding a new section 374a

Section 4 - Effective Date

JUSTIFICATION: Currently if a member files their retirement papers
and subsequently dies prior to the system processing the member's
papers, the member is afforded the in-service death benefit. This bill
would allow the retirement system to process a members paperwork, as
if that member were still alive, so that the initial retirement
payment selection that that member elects is payable to their
beneficiary.

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4979--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 2, 2013
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and  recommitted  to  said  committee  --  committee  discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to amend the retirement and social security law, in relation to
  providing beneficiaries with the same allocation of  retirement  bene-
  fits  if the member has the service retirement application, disability
  retirement applications or option election forms postmarked  prior  to
  his or her death

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The retirement and social security law is amended by adding
a new section 74-a to read as follows:
  S 74-A. APPLICATIONS AND ELECTIONS; ISSUES DUE TO DEATH.   WHENEVER  A
STATUTE  REQUIRES THAT A DOCUMENT MUST BE FILED OR MONEYS DEPOSITED WITH
THE SYSTEM WITHIN A PRESCRIBED PERIOD OF TIME OR BY A SPECIFIED DATE  IN
ORDER  FOR  A MEMBER TO BE ELIGIBLE FOR SERVICE CREDIT OR A BENEFIT FROM
THE SYSTEM THE DOCUMENT SHALL BE DEEMED FILED OR  THE  MONEYS  DEPOSITED
WITH  THE  SYSTEM  ON  THE DAY THEY ARE CLEARLY POSTMARKED BY THE UNITED
STATES POSTAL SERVICE AS THE RETIREMENT SYSTEM MAY  SPECIFICALLY  PERMIT
BY  RULE  OR  REGULATION. NOTWITHSTANDING THE PROVISIONS HEREOF, NO SUCH
DOCUMENT SHALL BE DEEMED FILED OR MONEYS DEPOSITED WITH  THE  SYSTEM  ON
THE  DAY OF MAILING UNLESS ACTUALLY RECEIVED BY THE RETIREMENT SYSTEM AS
A RESULT OF SUCH MAILING.
  S 2. The retirement and social security law is amended by adding a new
section 374-a to read as follows:
  S 374-A. APPLICATIONS AND ELECTIONS; ISSUES DUE TO DEATH.  WHENEVER  A
STATUTE  REQUIRES THAT A DOCUMENT MUST BE FILED OR MONEYS DEPOSITED WITH
THE SYSTEM WITHIN A PRESCRIBED PERIOD OF TIME OR BY A SPECIFIED DATE  IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08248-07-3

S. 4979--B                          2

ORDER  FOR  A MEMBER TO BE ELIGIBLE FOR SERVICE CREDIT OR A BENEFIT FROM
THE SYSTEM THE DOCUMENT SHALL BE DEEMED FILED OR  THE  MONEYS  DEPOSITED
WITH  THE  SYSTEM  ON  THE DAY THEY ARE CLEARLY POSTMARKED BY THE UNITED
STATES  POSTAL  SERVICE AS THE RETIREMENT SYSTEM MAY SPECIFICALLY PERMIT
BY RULE OR REGULATION. NOTWITHSTANDING THE PROVISIONS  HEREOF,  NO  SUCH
DOCUMENT  SHALL  BE  DEEMED FILED OR MONEYS DEPOSITED WITH THE SYSTEM ON
THE DAY OF MAILING UNLESS ACTUALLY RECEIVED BY THE RETIREMENT SYSTEM  AS
A RESULT OF SUCH MAILING.
  S  3. Notwithstanding any other provision of law to the contrary, none
of the provisions of this act shall be subject  to  section  25  of  the
retirement and social security law.
  S 4. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would  amend  certain  filing requirements of the New York
State and Local Employees' Retirement System  (ERS)  and  the  New  York
State  and Local Police and Fire Retirement System (PFRS) by setting the
date of filing as the date of postmark for any document that has  to  be
filed,  or  payment  that has to be made by a specified date or within a
prescribed time period.
  If this bill is enacted, we anticipate that the cost impact  would  be
negligible.
  ERS costs: Pursuant to Section 25 of the Retirement and Social Securi-
ty  Law,  any  cost incurred would be borne by the State of New York and
would require an itemized appropriation by the State of New York  suffi-
cient to pay the cost of the provision.
  PFRS  costs  would  be shared by the State of New York and all partic-
ipating employers in the PFRS.
  Summary of relevant resources:
  Data: March 31, 2012 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010, 2011 and  2012  Annual  Report  to  the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market  Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary  Informa-
tion.
  Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 Actuarial Valuations report.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This estimate, dated December 17, 2012,  and  intended  for  use  only
during  the  2013  Legislative  Session,  is  Fiscal  Note  No. 2013-27,
prepared by the Actuary for the New  York  State  and  Local  Employees'
Retirement  System  and  the  New  York  State and Local Police and Fire
Retirement System.

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