Senate Bill S6478

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6478
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 30, 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 to amend chapter 252 of the laws of 2019 amending the  retirement
   and social security law relating to disability retirement benefits for
   certain participants in World Trade Center rescue, recovery, or clean-
   up operations, in relation to the application of such provisions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 4 of chapter 252 of the laws of 2019  amending  the
 retirement  and  social security law, in relation to  disability retire-
 ment benefits for certain participants in  World  Trade  Center  rescue,
 recovery, or cleanup operations, is amended to read as follows:
   §  4.  This  act shall take effect immediately and apply to all active
 AND SERVICE RETIRED members who are determined to have incurred a quali-
 fying World Trade Center condition in the performance and  discharge  of
 duty  that is the natural and proximate result of an accident not caused
 by such member's own willful negligence prior to the effective  date  of
 this act.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend  the  benefits  of  certain members of public
 retirement systems who are subject to the provisions of  Article  14  or
 Article  15  of  the Retirement and Social Security Law who contract any
 form of disease or disability related to exposure  to  any  elements  in
 connection with the World Trade Center rescue, recovery or cleanup oper-
 ations.  The  annual  accidental  disability  benefit  would be 75% of a
 member's final average salary less workers compensation, regardless of a
 member's plan coverage. This improved benefit would be payable  only  to
 members  retiring with a service benefit prior to September 11, 2019, or
 their beneficiaries. Current disability retirees and their beneficiaries
 would not be affected by this bill.

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

                                                            LBD10847-02-1

 S. 6478                             2
 
   Insofar as this bill affects the New York State and  Local  Employees'
 Retirement  System  (NYSLERS), if this legislation is enacted during the
 2021 legislative session, there would be  an  increase  in  the  present
 value  of future costs of approximately $57.9 million which, pursuant to
 Section  25  of the Retirement and Social Security Law, will be borne by
 the State of New York as a one-time payment. This estimate is  based  on
 the assumption that payment will be made on March 1, 2022.
   These  estimated costs are based on 532 affected retirees, with annual
 single life allowance benefits payable of approximately $33.0 million as
 of March 31, 2020.
   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 April 26, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No. 2021-127,  prepared  by
 the Actuary for the New York State and Local Retirement System.