S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2979--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2017
                                ___________
 
 Introduced  by  M.  of  A.  BRINDISI,  SKOUFIS,  MOSLEY, HARRIS, COLTON,
   M. G. MILLER, D'URSO, ORTIZ, PEOPLES-STOKES, SEPULVEDA,  BLAKE,  STECK
   --  Multi-Sponsored by -- M. of A. ENGLEBRIGHT, LUPARDO, SIMON -- read
   once and referred to the Committee on Governmental Employees -- recom-
   mitted 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 amend the retirement and social security law, in relation to
   increasing the survivor's benefit of a retired state employee
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 2 of section 657 of the retirement and social
 security law, as added by chapter 75 of the laws of 1989, is amended  to
 read as follows:
   2.  The  amount  of a survivor's benefit under this section shall be a
 lump sum of two thousand FIVE  HUNDRED  dollars,  except  that  where  a
 retired  state employee dies while reemployed as provided in subdivision
 four of this section or dies within  thirty  days  following  retirement
 pursuant  to  subdivision  one of this section, the amount of the survi-
 vor's benefit under this section, if any, shall be two thousand  dollars
 OR  SUCH AMOUNT OTHERWISE RECEIVED PURSUANT TO THIS SUBDIVISION less any
 ordinary death benefit, exclusive of any ordinary death benefit  attrib-
 utable to the reserve-for-increased-take-home-pay, payable on account of
 the  death  of  such  employee under a retirement system or pension plan
 supported by funds of the state.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will increase the Survivor's Benefit by $500.  For  eligible
 state  employees  who  retired  prior to April 1, 1970, the benefit will
 increase from $2,000 to $2,500 and  for  eligible  state  employees  who

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01958-04-7
              

 A. 2979--A                          2
 
 retired  after  April  1, 1970, the benefit will increase from $3,000 to
 $3,500.
   If  this  bill  is  enacted, for the first year, the annual payment of
 survivor's benefits which will be paid by the State  of  New  York  will
 increase approximately $1.9 million.
   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, 2017  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2017
 Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2017
 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  November  15,  2017, and intended for use only
 during the 2018 Legislative Session, is Fiscal Note No. 2018-7, prepared
 by the Actuary for the New York State and Local Retirement System.