S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10815
 
                           I N  A S S E M B L Y
 
                               July 15, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jean-Pierre)
   -- read once and referred to the Committee on Governmental Employees
 
 AN  ACT authorizing Marie Glarakis to change the designated  beneficiary
   of her retirement benefits
 
   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,
 Marie  Glarakis,  who  is  receiving  a  performance  of duty disability
 retirement from the New York State and Local Police and Fire  Retirement
 System  and  whom  retired  from the Suffolk county police department on
 December 27, 2010, and who had previously named James Scandariato as her
 designated pension beneficiary, shall be permitted to change her benefi-
 ciary and her retirement option from "Joint allowance" to  "Single  life
 allowance" (Option 0) wherein no beneficiary is selected and the pension
 benefit  ceases upon the death of the member, if on or before six months
 after the effective date of this act,  Marie  Glarakis  shall  submit  a
 request  therefor to the state comptroller. Such benefit shall be recal-
 culated and her new benefit amount shall be paid  as  of  the  effective
 date of this act.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would authorize Marie Glarakis, who is receiving a Perform-
 ance of Duty disability retirement benefit from the New York  State  and
 Local Police and Fire Retirement System (PFRS), to change her retirement
 option  election to a Single Life Allowance. At retirement, Ms. Glarakis
 selected a Pop-Up Joint Allowance Full option with James Scandariato  as
 the  designated beneficiary. The benefit would be recalculated and paya-
 ble as of the effective date of this bill with all payments ceasing upon
 the death of the member.
   If this legislation is enacted during the  2020  legislative  session,
 there  will  be an immediate past service cost of approximately $49,700.
 This cost would be shared by the State  of  New  York  and  all  of  the
 participating employers in the PFRS.
   Summary of relevant resources:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD15726-03-0

 A. 10815                            2
 
   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 April 2, 2020, and intended for use  only  during
 the  2020  Legislative  Session, is Fiscal Note No. 2020-93, prepared by
 the Actuary for the New York State and Local Retirement System.