The New York State Senate

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

                                  7448

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                               May 3, 2019
                               ___________

Introduced  by  M.  of  A.  GARBARINO  --  read once and referred to the
  Committee on Governmental Employees

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 effective date 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.
  § 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

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

                                                           LBD08358-02-9

A. 7448                             2

  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 $250,000. 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 2019-23 dated April 19,
2019 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2019 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.