S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5996
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 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

 S. 5996                             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.