S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10804
 
                           I N  A S S E M B L Y
 
                               July 13, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte) --
   read once and referred to the Committee on Governmental Employees
 
 AN  ACT to authorize Jolie Louise Baynes, the daughter of Johnny Baynes,
   to file a new service retirement application and option election  form
   with  the  New  York  state  and local employees' retirement system on
   behalf of her deceased father

   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,
 Jolie  Louise Baynes, the daughter of Johnny Baynes, who was a member of
 the unified court system and member of the  New  York  state  and  local
 employees'  retirement  system, who died on March 26, 2020 from COVID-19
 related complications prior to filing for retirement, shall  be  author-
 ized to file a new service retirement application and an option election
 form  on  behalf  of  her  deceased  father  with a joint allowance full
 option, if, within one year from the effective date  of  this  act,  she
 shall  submit  a request therefor to the state comptroller. In addition,
 his date of retirement shall be deemed to have been March 25, 2020. Once
 such application is received, any rights or benefits to the  pre-retire-
 ment  ordinary  death  benefit  payable  upon  the  death of a member in
 service pursuant to section 448 of the retirement  and  social  security
 law  shall  be  waived. Any amounts paid by the New York state and local
 employees' retirement system as the result of the death of Johnny Baynes
 prior to the filing of the request  for  a  service  retirement  benefit
 pursuant  to  this section shall be deducted from the service retirement
 benefit payable on an actuarially equivalent  basis  over  the  expected
 future lifetime of Jolie Louise Baynes.
   §  2.  Any additional costs for this act shall be paid by the state of
 New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would authorize  Jolie  Louise  Baynes  to  file  a  service
 retirement  application  with a date of retirement of March 25, 2020 and
 an option election form with a joint allowance full option on behalf  of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16790-02-0

 A. 10804                            2
 
 her  deceased  father Johnny Baynes. Any amounts paid as a result of Mr.
 Baynes' death will be deducted from the service retirement benefit paya-
 ble.
   If  this  bill  is  enacted during the 2020 legislative session, there
 will be an immediate past service cost of  approximately  $1.26  million
 that would be borne by the State of New York as a one-time payment. This
 estimate  is  based on the assumption that payment will be made on March
 1, 2021.
   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, 2019 actuarial valu-
 ation. Distributions and other statistics  can  be  found  in  the  2019
 Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016, 2017, 2018, and 2019 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, 2019
 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  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated July 13, 2020, and intended for use only during
 the 2020 Legislative Session, is Fiscal Note No. 2020-129,  prepared  by
 the Actuary for the New York State and Local Retirement System.