Senate Bill S6198

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

                                  6198

                            I N  S E N A T E

                               (PREFILED)

                             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
New York.
  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.
                                                           LBD13074-03-3

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
Report.
  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
Supplementary Information.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication   Standards  to  render  the  statement  of  actuarial  opinion
contained herein.
  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'
Retirement System.