S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8602
 
                           I N  A S S E M B L Y
 
                             January 10, 2022
                                ___________
 
 Introduced  by M. of A. RA -- read once and referred to the Committee on
   Governmental Employees
 
 AN ACT authorizing the widow of Robert A. Serroen to change his  retire-
   ment option
 
   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,
 Gina M. Serroen, the widow of Robert A. Serroen, who was employed by the
 Nassau County Sheriff's Department and was retired  from  the  New  York
 state  and  local  employees'  retirement  system effective December 17,
 2011, and for reasons not ascribable to his  own  negligence  failed  to
 change his retirement option selection prior to the expiration of thirty
 days following the date of payability of his retirement allowance, shall
 be  authorized  to  file  such  option  election  form  on behalf of her
 deceased husband to a joint allowance full option, if  within  one  year
 from the effective date of this act, she files a written request to that
 effect with the state comptroller.
   § 2. The costs associated with implementing the provisions of this act
 shall be borne by the County of Nassau.
   §  3.  This  act  shall take effect immediately and shall be deemed to
 have been in full force and effect on and after such date.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow Gina M. Serroen to file a  new  option  election
 form  on behalf of her deceased husband, Robert A. Serroen, changing the
 retirement option election to a joint allowance full. Robert A.  Serroen
 retired  on December 17, 2011 and died on May 12, 2013. The joint allow-
 ance full election will be deemed to have been in effect on the date  of
 retirement.
   If this bill is enacted during the 2022 legislative session, and a new
 option  election form filed, we anticipate that there will be an immedi-
 ate past service cost of approximately $1.14M which will be borne by the
 County of Nassau as a one-time payment. This estimate is  based  on  the
 assumption that payment will be made on February 1, 2023.
   Summary of relevant resources:

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

                                                            LBD13193-03-1
 A. 8602                             2
 
   Membership  data as of March 31, 2021 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2021 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 and 2021 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, 2021
 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  December  14,  2021, and intended for use only
 during the 2022 Legislative Session, is Fiscal Note No. 2022-4, prepared
 by the Actuary for the New York State and Local Retirement System.