S T A T E   O F   N E W   Y O R K
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                                 7953--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 2, 2015
                               ___________

Introduced  by  M. of A. RA, LAVINE, MONTESANO -- read once and referred
  to the Committee on  Governmental  Employees  --  recommitted  to  the
  Committee  on  Governmental Employees in accordance with Assembly Rule
  3, sec. 2

AN ACT authorizing the widow of Robert A. Serroen to change his  retire-
  ment option

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

  Section 1. Notwithstanding any other provision of law to the contrary,
Gina M. Serroen, the widow of Robert A. Serroen, who was employed by the
Nassau County Sheriff's Department and was retired  from  the  New  York
state  and  local  employees'  retirement  system effective December 17,
2011, and for reasons not ascribable to his  own  negligence  failed  to
change his retirement option selection prior to the expiration of thirty
days following the date of payability of his retirement allowance, shall
be  authorized  to  file  such  option  election  form  on behalf of her
deceased husband to a joint allowance full option, if  within  one  year
from the effective date of this act, she files a written request to that
effect with the state comptroller.
  S 2. The costs associated with implementing the provisions of this act
shall be borne by the County of Nassau.
  S  3.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect  on  and  after  December  17,  2011.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  would  retroactively  change  the  retirement  option  for
deceased retiree Robert A. Serroen who retired on December 17, 2011  and
died on May 12, 2013. The current retirement option, pop up joint allow-
ance  25%,  would  be  changed  to the retirement option joint allowance
full. The bill will be deemed to have been in  effect  on  his  date  of
retirement.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10957-04-6

              

A. 7953--A                          2

  If  this bill is enacted, we anticipate that there would be an immedi-
ate past service cost of approximately $767,000 which would be borne  by
Nassau  County  as  a  one-time  payment.  This estimate is based on the
assumption that payment would be made on February 1, 2017.
  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, 2015  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2015
Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
Report.
  The  actuarial  assumptions and methods used are described in the 2015
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, 2015
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  January  28,  2016,  and intended for use only
during the  2016  Legislative  Session,  is  Fiscal  Note  No.  2016-48,
prepared  by  the  Actuary  for  the New York State and Local Retirement
System.