Assembly Bill A7982A

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7982--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 23, 2017
                                ___________
 
 Introduced  by  M.  of  A.  GARBARINO  --  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  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to authorize the widower of Jeannette  M.  Feminella  to  file  a
   retirement option election form
 
   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,
 Dominic J. Feminella, the widower of Jeannette M. Feminella, who  was  a
 member  of  the New York state teachers' retirement system and had filed
 for retirement effective June 17, 2016, who prior to her death  on  July
 7,  2016,  in  the presence of a notary public, completed an election to
 change her originally executed retirement option with the New York state
 teachers' retirement system to the one hundred percent survivor, and who
 died before the changed election was received  by  the  New  York  state
 teachers' retirement system on July 9, 2016, shall be authorized to file
 such  option  election  form  on  behalf  of  his deceased wife to a one
 hundred percent survivor option, if within one  year  of  the  effective
 date  of  this act he shall file a request therefor with the head of the
 New York state  teachers'  retirement  system.  Such  retirement  option
 election  shall be deemed to have become effective on June 17, 2016. All
 retirement benefits payable pursuant to the provisions of this act shall
 be paid to Dominic J. Feminella and  shall  be  in  lieu  of  any  other
 retirement  benefits payable; provided, however, if a retirement benefit
 was made payable prior to the effectiveness of this act, all monies paid
 shall be remitted to the retirement system. Upon enactment of this  act,
 Dominic  J.  Feminella  shall renounce all benefits to be paid under the
 originally executed retirement option effective June 17, 2016 and  shall
 be deemed eligible for the survivor option as authorized by this act.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10318-04-8

 A. 7982--A                          2
 
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would allow Dominic J. Feminella, the widower of Jeannette
 M.  Feminella who was a retired member of the New York  State  Teachers'
 Retirement  System,  to change her originally executed retirement option
 to the 100% joint and survivor option designating him as  the  benefici-
 ary.  Ms.  Feminella  retired on June 17, 2016 and died on July 7, 2016,
 two days before her  signed,  notarized  change  of  election  form  was
 received  by  the New York State Teachers' Retirement System. Mr.  Femi-
 nella must file a written request with the head of the  New  York  State
 Teachers'  Retirement  System  within  one year of the effective date of
 this act. Such retirement option election shall be deemed to have become
 effective on June 17, 2016. All retirement benefits payable pursuant  to
 the  provisions  of this act shall be paid to Mr. Feminella and shall be
 in lieu of any other retirement benefits payable; provided, however,  if
 a  retirement  benefit  was  made payable prior to the effective date of
 this act, all monies paid shall be remitted to the New York State Teach-
 ers' Retirement System.   Upon enactment of  this  bill,  Mr.  Feminella
 shall  renounce  all  benefits  to be paid under the originally executed
 retirement option filed effective June 17,  2016  and  shall  be  deemed
 eligible for the survivor option as authorized by this act.
   The  cost  for  this  benefit  is equal to the increase in the present
 value of benefits, which is estimated to  be $153,000. This cost  is  to
 be  borne  by  the  employers of members of the New York State Teachers'
 Retirement System. Allowing retired members to change the terms of their
 option after retirement creates the  potential  for  anti-selection  and
 actuarial losses.
   Member  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 2018-17 dated March 30,
 2018 prepared by the Actuary of the New York State Teachers'  Retirement
 System and is intended for use only during the 2018 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.