Senate Bill S6432

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6432
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 28, 2021
                                ___________
 
 Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 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 2021 legislative session,
 there will be an immediate past service cost of  approximately  $48,000.

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

                                                            LBD04947-02-1

 S. 6432                             2
 
 This  cost  would  be  shared  by  the  State of New York and all of the
 participating employers in the PFRS.
   Summary of relevant resources:
   Membership  data as of March 31, 2020 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 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, 2020
 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 March 19, 2021, and intended for use only  during
 the  2021  Legislative Session, is Fiscal Note No. 2021-105, prepared by
 the Actuary for the New York State and Local Retirement System.