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

                                  6781

                            I N  S E N A T E

                            February 22, 2016
                               ___________

Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Civil  Service  and
  Pensions

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.
  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:

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

                                                           LBD10957-03-6

S. 6781                             2

  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.