S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10558
 
                           I N  A S S E M B L Y
 
                               June 3, 2024
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Zebrowski)
   -- read once and referred to the Committee on Governmental Employees
 
 AN ACT in relation to authorizing Judy A. Lynch, the widow of  James  G.
   Lynch,  to  file  a  new  service  retirement  application  and option
   election form with the New York state and local employees'  retirement
   system on behalf of such deceased member

   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,
 Judy A. Lynch, the widow of James G. Lynch, who was a member of the  New
 York  state  and  local  employees' retirement system, who died after he
 commenced the filing of  paperwork  for  retirement  but  prior  to  his
 selected  retirement  date,  shall  be  authorized to file a new service
 retirement application and an option election  form  on  behalf  of  her
 deceased husband with a joint allowance full option, if, within one year
 from the effective date of this act, she shall submit a request therefor
 to  the  state comptroller. In addition, his date of retirement shall be
 deemed to have been June 12, 2016. Once such  application  is  received,
 any  rights  or  benefits  to  the pre-retirement ordinary death benefit
 payable upon the death of a member in service pursuant to section 448 of
 the retirement and social security law shall be waived. Any amounts paid
 by the New York state and local  employees'  retirement  system  as  the
 result of the death of James G. Lynch prior to the filing of the request
 for  a  service  retirement  benefit  pursuant  to this section shall be
 deducted from the service retirement benefit payable thereafter.
   § 2. Any additional costs for this act shall be paid by the  state  of
 New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would deem James G. Lynch retired effective June 12, 2016,
 notwithstanding their death on June 13, 2016. Judy A. Lynch,  the  widow
 of  James  G. Lynch, shall be authorized to file an option election form
 selecting the joint allowance full option on behalf  of  their  deceased
 husband.  The amount paid to Judy A. Lynch shall be less any sums previ-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15479-03-4
 A. 10558                            2
 
 ously  paid by the New York State and Local Employees' Retirement System
 to any beneficiary of James G.  Lynch.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 will be an immediate past service cost of approximately  $593,000  which
 will be borne by the State of New York as a one-time payment. This esti-
 mate assumes that payment will be made on March 1, 2025.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation.  Distributions and other statistics can be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 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, 2023
 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 May 24, 2024, and intended for  use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-179, prepared by
 the Actuary for the New York State and Local Retirement System.