S T A T E O F N E W Y O R K
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6985--A
2015-2016 Regular Sessions
I N A S S E M B L Y
April 16, 2015
___________
Introduced by M. of A. STEC -- read once and referred to the Committee
on Governmental Employees -- recommitted to the Committee on Govern-
mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT to authorize the payment of ordinary disability retirement bene-
fits by the New York state teachers' retirement system to the widow of
Lawrence L. Allen
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,
Christine M. Allen, the widow of Lawrence L. Allen, who was a member of
the New York state teachers' retirement system, who prior to his death,
in the presence of a notary public, completed and mailed an application
for an ordinary disability retirement and a retirement election form to
the New York state teachers' retirement system, and who died before the
application was received by the New York state teachers' retirement
system, shall be authorized to re-file such application and election on
behalf of her deceased husband, if within 1 year of the effective date
of this act she shall file a request therefor with the retirement board
of the New York state teachers' retirement system. Such application for
an ordinary disability retirement and retirement option election shall
be deemed to have become effective on March 18, 1999. All retirement
benefits payable pursuant to the provisions of this act shall be paid to
Christine M. Allen and shall be in lieu of any other death benefits
payable.
S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Christine M. Allen, the widow of Lawrence L.
Allen who was a Tier 1 member of the New York State Teachers' Retirement
System who had applied for a disability retirement and died before the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06419-05-6
A. 6985--A 2
application was received by the New York State Teachers' Retirement
System, to re-file such application on behalf of her deceased husband.
She must file a request with the head of the New York State Teachers'
Retirement System within one year of the effective date of this act.
Such application for disability retirement shall be deemed to have
become effective on March 18, 1999, and the death benefit payable would
therefore be in accordance with the option election, and not the active
member death benefit. The benefit payable pursuant to the provisions of
this bill shall be paid to Christine M. Allen and be in lieu of any
other death benefit.
The cost for this benefit is equal to the increase in the present
value of benefits, which is estimated to be $260,000.
Employee data is from the System's most recent actuarial valuation
files, consisting of data provided by the employers to the Retirement
System. Data distributions and statistics can be found in the System's
Comprehensive Annual Financial Report (CAFR). System assets are as
reported in the System's financial statements, and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
The source of this estimate is Fiscal Note 2016-16 dated March 4, 2016
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2016 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.