senate Bill S5334A

Assigns the late John Francis Covell to Tier IV status in the New York state teachers' retirement system as of the date of his death

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Sponsor

Bill Status


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

  • 16 / May / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 08 / Jan / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 24 / Jan / 2014
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 24 / Jan / 2014
    • PRINT NUMBER 5334A

Summary

Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.

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Bill Details

Versions:
S5334
S5334A
Legislative Cycle:
2013-2014
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement
Versions Introduced in Previous Legislative Cycles:
2011-2012: S3989A
2009-2010: S3448

Sponsor Memo

BILL NUMBER:S5334A

TITLE OF BILL: An act to assign the late John Francis Covell to tier 4
status in the New York state teachers' retirement system as of the date
of his death

PURPOSE:

This bill would allow Mrs. Florence M. Covell, widow of member John F.
Covell who died in active service, to receive a Tier 4 active member
death benefit. Mrs. Covell received the lesser Tier 1 death benefit
because her husband was a Tier 1 member of the New York State Retirement
System at the time of his death. He had recently completed a Tier rein-
statement from Tier 4 to Tier 1.

SUMMARY OF PROVISIONS:

Section 1. Provides that Francis Covell shall be deemed to have had Tier
4 status as a member of the New York State Teachers' Retirement System
on the date of his death. Further it provides that such system shall
recalculate the benefits payable on account of his death and shall pay
such benefits to his beneficiary as otherwise provided, less any amount
already so paid.

Section 2. Provides that all costs attributable to the operation of this
act shall be borne by the employers of members of the New York State
Teachers' Retirement System.

Section 3. Effective date.

JUSTIFICATION:

It seems that near the time of death of Mr. Covell, that Mr. Covell
mistakenly filled out his retirement forms to transfer to Tier 1 status
when that would not have been in the best interests of himself or his
family. The bill corrects that misfortune due to the confusion of all
parties at the time of Mr. Covell's death.

LEGISLATIVE HISTORY:

S.3989-A of 2012: Died in Senate Civil Service and Pensions
S..3989 of 2011: Died in Senate Civil Service and Pensions
S.3448 of 2010: Died in Senate Civil Service and Pensions, Died in
Assembly Governmental Employees
S.3448 of 2009: Died in Senate Civil Service and Pensions, Died in
Assembly Governmental Employees
S.4294-A of 2008: Died in Senate Civil Service and Pensions, Died in
Assembly Governmental Employees
S.4294 of 2007: Died in Senate Civil Service and Pensions, Died in
Assembly Governmental Employees

FISCAL IMPLICATIONS:

The cost of this benefit is equal to the increase in the present value
of benefits, which is estimated to be $94,000.

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
________________________________________________________________________

                                 5334--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
  accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to  assign the late John Francis Covell to tier 4 status in the
  New York state teachers' retirement system as of the date of his death

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

  Section  1.  Notwithstanding  any  inconsistent provision of law, John
Francis Covell, a deceased  member  of  the  New  York  state  teachers'
retirement system, shall be deemed to have had tier 4 status as a member
of  said  system on the date of his death. Said system shall recalculate
the benefits payable on account of his death and shall pay such benefits
to his beneficiary as otherwise provided, less  any  amount  already  so
paid.
  S  2.  All  costs  attributable  to the operation of this act shall be
borne by the employers of  members  of  the  New  York  state  teachers'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill would allow Florence M. Covell, the widow of member John F.
Covell who died in active service, to receive the Tier 4  active  member
death  benefit.  Ms.  Covell  received  the  lesser Tier 1 death benefit
because her husband was a Tier 1 member of the New York State  Teachers'
Retirement  System at the time of his death. He had recently completed a
tier reinstatement from Tier 4 to Tier 1.
  The cost for this benefit is equal to  the  increase  in  the  present
value of benefits, which is estimated to be $94,000.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05176-04-4

S. 5334--A                          2

  The  source  of this estimate is Fiscal Note 2014-10 dated January 21,
2014 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2014 Legislative Session.
I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
Retirement  System.  I  am a member of the American Academy of Actuaries
and I meet the Qualification Standards of the American Academy of  Actu-
aries to render the actuarial opinion contained herein.

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