S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5406--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 4, 2021
                                ___________
 
 Introduced  by  Sen. REICHLIN-MELNICK -- read twice and ordered printed,
   and when printed to be committed to the Committee on Civil Service and
   Pensions -- 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  commit-
   tee
 
 AN  ACT  in relation to authorizing Harvey Eilbaum to file a request for
   change of beneficiary with the New York  state  and  local  employees'
   retirement system
 
   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, Harvey Eilbaum,
 who is currently a member of the New York  state  and  local  employees'
 retirement  system, who retired from the Rockland county district attor-
 ney's office on May 21, 2004, shall be authorized to  change  his  named
 beneficiary  to Janice Eilbaum, if within one year of the effective date
 of this act, he shall file a written request on a form prescribed by the
 New York state and local employees' retirement system with the  head  of
 said retirement system.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  authorize Harvey Eilbaum, a retiree of the New York
 State and Local Employees' Retirement System (NYLSERS),  to  change  his
 named beneficiary to Janice Eilbaum.
   If  this  bill  is  enacted during the 2022 legislative session, there
 will be an immediate past service cost of  approximately  $36,900  which
 will  be shared by the State of New York and all participating employers
 in the NYSLERS.
   Summary of relevant resources:
   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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08373-03-2
              

 S. 5406--A                          2
 
 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 March 29, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No.  2022-99,  prepared  by
 the Actuary for the New York State and Local Retirement System.