S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7888--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 28, 2021
                                ___________
 
 Introduced by M. of A. GANDOLFO -- read once and referred to the Commit-
   tee  on  Governmental  Employees  --  recommitted  to the Committee on
   Governmental Operations in accordance with Assembly Rule 3, sec. 2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08763-06-2
 A. 7888--A                          2
              

 
 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:
   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 option election form was
 received by the Retirement System. Mr. Feminella  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. Any retirement benefit that was made prior
 to the effective date of this act will be paid back  to  the  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 total cost of this benefit cannot be determined. If this  bill  is
 enacted  the  Retirement  System will be providing a survivor benefit to
 Ms.   Feminella's spouse. The ultimate cost  of  this  benefit  will  be
 determined by how long Mr. Feminella lives. He is required to return any
 benefit already received. Allowing retired members to change their bene-
 fit  option  after  retirement weakens the pooling of longevity risk and
 the pricing of the options and would  potentially  result  in  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
 Annual Report. System assets are as reported in the  System's  financial
 statements and can also be found in the System's Annual Report.  Actuar-
 ial assumptions and methods are provided in the System's Actuarial Valu-
 ation Report and the 2021 Actuarial Assumptions Report.
   The  source  of this estimate is Fiscal Note 2022-29 dated May 2, 2022
 prepared by the Office of the Actuary of the New  York  State  Teachers'
 Retirement  System and is intended for use only during the 2022 Legisla-
 tive Session. I, Richard A. Young, am the Chief 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 Actuaries to render the actuarial opinion contained herein.