Senate Bill S6575A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6575--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 27, 2023
                                ___________
 
 Introduced  by  Sen. PALUMBO -- 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 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 (NYSLPFRS), to change their
 retirement option election to a Single Life  Allowance.  At  retirement,
 Marie  Glarakis  elected a Pop-Up Joint Allowance Full option with James
 Scandariato as the designated beneficiary. The benefit would be recalcu-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02989-03-4
              

 S. 6575--A                          2
 
 lated and payable as of  the  effective  date  of  this  bill  with  all
 payments ceasing upon the death of Marie Glarakis.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 will be an immediate past service cost of  approximately  $50,000.  This
 cost  will  be  shared  by  the  State of New York and all participating
 employers in the NYSLPFRS.
   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 January 3, 2024, and intended for use only during
 the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-23 Revised,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.