S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 5505                                                  A. 7069
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                               April 4, 2017
                                ___________
 
 IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Civil Service
   and Pensions
 
 IN  ASSEMBLY  -- Introduced by M. of A. THIELE, PALUMBO -- read once and
   referred to the Committee on Governmental Employees

 AN ACT to provide for an increased death benefit for the survivors of  a
   deceased police officer
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The legislature finds and declares that the  late  Theodore
 Raffel  served  the  village  of  Southampton  for nineteen years, three
 hundred sixty-four days and fifteen and one-half hours as a police offi-
 cer.  At the time of officer Raffel's death, a situation which  was  not
 due  to  negligence  on the part of such individual, there had been paid
 into the New York state and local police and fire retirement  system  on
 his  behalf  contributions  in  the  amount of approximately one hundred
 eighteen thousand dollars.  Nevertheless, the amount of the death  bene-
 fit paid to officer Raffel's widow was much less than that amount.
   §  2.  Notwithstanding any inconsistent provision of law, the New York
 state and local police and fire  retirement  system  is  authorized  and
 directed  to  pay  to the beneficiary of police officer Theodore Raffel,
 who was employed by the village of Southampton as a police officer  from
 1966,  until  his  death on June 1, 1986, the sum of all of the contrib-
 utions paid by the village of Southampton to such system  on  behalf  of
 such  police  officer,  less  any sums previously paid by such system to
 such beneficiary, with interest, compounded annually, calculated at  the
 rate  established  in accordance with the provisions of subdivision c of
 section 1202 of the retirement and social security  law.  Such  interest
 shall be calculated from June 1, 1986 to May 31, 2017.
   § 3. This act shall take effect immediately.

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

                                                            LBD10681-03-7

 S. 5505                             2                            A. 7069
 
   FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
   This bill would create an additional death benefit paid to the benefi-
 ciary  of  deceased police officer Theodore Raffel. The additional death
 benefit amount would be the sum of the contributions paid by the Village
 of Southampton to the New York State and Local Police and  Fire  Retire-
 ment  System  on  behalf of Mr. Raffel, less any sums previously paid by
 such system to his beneficiary. Such  balance  would  have  5%  interest
 applied for the period 6/1/86 -- 5/31/17.
   If  this  bill  is enacted, the estimated cost of the additional death
 benefit would be approximately $180,000. This cost would  be  shared  by
 the  State  of  New York and all participating employers in the New York
 State and Local Police and Fire Retirement System.
   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, 2016 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2016
 Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2015
 and  2016 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, 2016
 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 March 28, 2017, and intended for use only  during
 the  2017  Legislative  Session, is Fiscal Note No. 2017-75, prepared by
 the Actuary for the New York State and Local Retirement System.