S T A T E O F N E W Y O R K
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-
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
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'
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.
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.