NY State Senate Bill 2021-S6730B

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 03, 2022	print number 6730b
May 03, 2022	amend and recommit to civil service and pensions
Jan 05, 2022	referred to civil service and pensions
Jun 10, 2021	recommitted to rules
Jun 08, 2021	amended on third reading 6730a
Jun 07, 2021	ordered to third reading cal.1571 committee discharged and committed to rules
May 13, 2021	referred to civil service and pensions

Votes

- Jun 7, 2021 - Rules Committee Vote
  S6730B
  
  Aye
  
  21
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  
  0
  - - Rules Committee Vote: Jun 7, 2021
      
      aye (21)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Ritchie
      
      Savino
      
      Stewart-Cousins

Bill Amendments

Original

B (Active)

2021-S6730 - Details

See Assembly Version of this Bill:: A7888
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2017-2018: A7982
2019-2020: S5996, A7448

2021-S6730 - Summary

Authorizes the payment of retirement benefits by the New York state teachers' retirement system to Dominic J. Feminella, the widower of Jeannette M. Feminella, if he shall file an option election form with the retirement board of such retirement system.

2021-S6730 - Sponsor Memo

2021-S6730 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6730
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 13, 2021
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 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
 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD08763-02-1

 S. 6730                             2
 
   This  bill  (legislative bill draft 08763-01-1) 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 beneficiary. Ms. Feminella retired on June
 17, 2016 and died on July 7, 2016, two days before her signed, notarized
 change  of  election  form  was received by the New York State Teachers'
 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; provided, however, if the retirement benefit was  made  payable
 prior to the effective date of this act, all monies paid shall be remit-
 ted to the New York State Teachers' 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 cost for this benefit is equal to the increase in  the  liability,
 which  is  estimated  to  be  $301,000.  This cost is to be borne by the
 employers of members of the New York State Teachers' Retirement  System.
 Allowing  retired  members  to  change  the  terms of their option after
 retirement creates the potential for anti-selection and actuarial  loss-
 es.
   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. Actuari-
 al  assumptions and methods are provided in the System's Actuarial Valu-
 ation Report.
   The source of this estimate is Fiscal Note 2021-43 dated May  7,  2021
 prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
 System and is intended for use only during the 2021 Legislative Session.
 I, Richard A. Young, am the 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  Actu-
 aries to render the actuarial opinion contained herein.

2021-S6730A - Details

See Assembly Version of this Bill:: A7888
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2017-2018: A7982
2019-2020: S5996, A7448

2021-S6730A - Summary

2021-S6730A - Sponsor Memo

2021-S6730A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6730--A
     Cal. No. 1571
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 13, 2021
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged and said bill committed to  the  Committee  on
   Rules  --  ordered  to a third reading, amended and ordered reprinted,
   retaining its place in the order of third reading

 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.

                                                            LBD08763-04-1

 S. 6730--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  (legislative bill draft 08763-01-1) 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 beneficiary. Ms. Feminella retired on June
 17, 2016 and died on July 7, 2016, two days before her signed, notarized
 change  of  election  form  was received by the New York State Teachers'
 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; provided, however, if the retirement benefit was  made  payable
 prior to the effective date of this act, all monies paid shall be remit-
 ted to the New York State Teachers' 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 cost for this benefit is equal to the increase in  the  liability,
 which  is  estimated  to  be  $301,000.  This cost is to be borne by the
 employers of members of the New York State Teachers' Retirement  System.
 Allowing  retired  members  to  change  the  terms of their option after
 retirement creates the potential for anti-selection and actuarial  loss-
 es.
   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.
   The  source  of this estimate is Fiscal Note 2021-38 dated May 7, 2021
 prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
 System and is intended for use only during the 2021 Legislative Session.
 I,  Richard  A.  Young,  am the 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 Actu-
 aries to render the actuarial opinion contained herein.

2021-S6730B (ACTIVE) - Details

See Assembly Version of this Bill:: A7888
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2017-2018: A7982
2019-2020: S5996, A7448

2021-S6730B (ACTIVE) - Summary

2021-S6730B (ACTIVE) - Sponsor Memo

2021-S6730B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6730--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 13, 2021
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged and said bill committed to  the  Committee  on
   Rules  --  ordered  to a third reading, amended and ordered reprinted,
   retaining its place in the order of third reading  --  recommitted  to
   the  Committee on Civil Service and Pensions in accordance with Senate
   Rule  6,  sec.  8  --  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08763-05-2

 S. 6730--B                          2
 
 act,  Dominic  J. Feminella shall renounce all benefits to be paid under
 the originally executed retirement option effective June  17,  2016  and
 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.

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Senate Bill S6730B

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Actions

Votes

Jun 7, 2021 - Rules Committee Vote

Rules Committee Vote: Jun 7, 2021

Bill Amendments

2021-S6730 - Details

2021-S6730 - Summary

2021-S6730 - Sponsor Memo

2021-S6730 - Bill Text download pdf

2021-S6730A - Details

2021-S6730A - Summary

2021-S6730A - Sponsor Memo

2021-S6730A - Bill Text download pdf

2021-S6730B (ACTIVE) - Details

2021-S6730B (ACTIVE) - Summary

2021-S6730B (ACTIVE) - Sponsor Memo

2021-S6730B (ACTIVE) - Bill Text download pdf

Comments

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Senate Bill S6730B

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Sponsored By

Phil Boyle

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Actions

Votes

Bill Amendments

2021-S6730 - Details

2021-S6730 - Summary

2021-S6730 - Sponsor Memo

2021-S6730 - Bill Text download pdf

2021-S6730A - Details

2021-S6730A - Summary

2021-S6730A - Sponsor Memo

2021-S6730A - Bill Text download pdf

2021-S6730B (ACTIVE) - Details

2021-S6730B (ACTIVE) - Summary

2021-S6730B (ACTIVE) - Sponsor Memo

2021-S6730B (ACTIVE) - Bill Text download pdf

Comments