senate Bill S4979C

Provides beneficiaries with the same allocation of retirement benefits

download pdf

Sponsor

Co-Sponsors

Bill Status


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

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.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A4916C
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, A5088A
2009-2010: A7168, A7168
2007-2008: A11443A, A11443A

Sponsor Memo

BILL NUMBER:S4979C

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: Contained in the legislation.

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--C
    Cal. No. 786

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 2, 2013
                               ___________

Introduced  by  Sens.  GOLDEN, AVELLA -- 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
  committee  --  recommitted  to  the  Committee  on  Civil  Service and
  Pensions in accordance with Senate Rule 6, sec. 8 -- reported  favora-
  bly  from  said committee, ordered to first and second report, ordered
  to a third reading, passed by Senate and delivered  to  the  Assembly,
  recalled,  vote  reconsidered,  restored to third reading, amended and
  ordered reprinted, retaining its place in the order of third reading

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08248-09-4

S. 4979--C                          2

  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
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:
  The membership data used in  measuring  the  impact  of  the  proposed
change  was  the same as that used in the March 31, 2013 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2013
Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012  and  2013  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, 2013
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 estimate, dated June 10, 2014, and intended for use  only  during
the  2014  Legislative Session, is Fiscal Note No. 2014-151, 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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.