S T A T E O F N E W Y O R K
I N S E N A T E
January 8, 2014
Introduced by Sen. TKACZYK -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the widow of Barry Liebowitz to file a retroactive
application for retirement with the New York state and local employ-
ees' retirement system
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, Barry Liebowitz, who was last
employed by the New York state energy research and development authority
as a senior project manager, shall be deemed eligible for a service
retirement benefit effective June 17, 2013, notwithstanding the fact
that he died on June 17, 2013. Within one year from the effective date
of this act, Marilyn Liebowitz, the widow of Barry Liebowitz, may file
with the retirement system an application for service retirement bene-
fits on behalf of Barry Liebowitz with an effective date of retirement
of June 17, 2013 and an option election form electing to receive retire-
ment benefits pursuant to the terms of the joint allowance - full option
with Marilyn Liebowitz as the beneficiary. The filing of a service
retirement application will constitute a waiver of any rights or bene-
fits to the ordinary death benefit payable upon the death of a member in
service pursuant to sections five hundred eight or six hundred six of
the retirement and social security law. Any amounts paid by the retire-
ment system to Barry Liebowitz, his estate or to Marilyn Liebowitz prior
to the filing of the application for service retirement shall be
deducted from the benefit payable thereafter.
S 2. Any additional costs for this act shall be paid by the state of
S 3. This act shall take effect immediately.
FISCAL NOTE.--This bill would deem Barry Liebowitz eligible to receive
a service retirement benefit effective on June 17, 2013, notwithstanding
the fact that he died on June 17, 2013. Marilyn Liebowitz shall be
authorized to file for the service retirement benefit on his behalf.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 6198 2
Further, Marilyn Liebowitz must waive all rights and benefits to the
ordinary death benefits she would otherwise be entitled to receive. Any
payments received from such ordinary death benefit will be deducted from
the benefits payable under this legislation.
If this bill is enacted, there would be a one-time cost to the State
of New York of approximately $425,000. This estimate is based on the
assumption that payment will be made on March 1, 2015.
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
The actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013 Annual Report to the 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
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the statement of actuarial opinion
This estimate, dated December 17, 2013, and intended for use only
during the 2014 Legislative Session, is Fiscal Note No. 2014-41,
prepared by the Actuary for the New York State and Local Employees'