Senate Bill S9845

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9845
 
                             I N  S E N A T E
 
                               June 4, 2024
                                ___________
 
 Introduced  by  Sen.  CANZONERI-FITZPATRICK  --  read  twice and ordered
   printed, and when printed to be committed to the Committee on Rules
 
 AN ACT granting retroactive eligibility to apply for retirement benefits
   for former New York City firefighter Casey Skudin
 
   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,
 Angela  Skudin,  the  widow of Casey Skudin, who was employed by the New
 York City Fire Department and was a member of the  New  York  City  fire
 department  pension  fund  at the time of his death on June 17, 2022 and
 who died prior to filing an option retirement election form with the New
 York City fire department pension fund, shall be authorized  to  file  a
 retirement  option  election form on behalf of Casey Skudin with a joint
 allowance full option, if within one year from  the  effective  date  of
 this  act  Angela  Skudin  shall  submit a request therefor to the state
 comptroller.
   §  2. Notwithstanding the provisions of chapter 552  of  the  laws  of
 2000,  in  computing  the  twenty  years  of completed service for Casey
 Skudin, full credit shall be given for his service as  a  lifeguard  for
 the town of Hempstead and as a teacher in New York.
   §  3.  For  purposes  of eligibility for benefits and to determine the
 amount of benefits under the New York City fire department pension fund,
 Casey Skudin's date of retirement shall be deemed to have been June  16,
 2022  and  he  shall  be deemed to have been in service of the uniformed
 force of the fire department for twenty years.   Provided  further  that
 Angela  Skudin  shall  be  authorized  to  apply for Casey Skudin's full
 service credit under chapter 646 of the laws of 1999.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation  would  deem  deceased  firefighter
 Casey Skudin to have attained 20 years of firefighter service as of June
 16,  2022  (the  day before his death), and to have retired on that same
 day  entitling  his  surviving  spouse,  Angela  Skudin,  to  apply  for
 service-based retirement benefits.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09272-02-4
 S. 9845                             2
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
                 by Fiscal Year for the first 25 years ($)
                             Year      FIRE
                             2025      0
                             2026      408,000
                             2027      0
                             2028      0
                             2029      0
                             2030      0
                             2031      0
                             2032      0
                             2033      0
                             2034      0
                             2035      0
                             2036      0
                             2037      0
                             2038      0
                             2039      0
                             2040      0
                             2041      0
                             2042      0
                             2043      0
                             2044      0
                             2045      0
                             2046      0
                             2047      0
                             2048      0
                             2049      0
 
   The entire increase in employer contributions will be allocated to New
 York City.

           INITIAL INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                          as of June 30, 2024 ($)
              Present Value (PV)                 FIRE
              PV of Benefits:                    368,000
              PV of Employee Contributions:      0
              PV of Employer Contributions:      368,000
              Unfunded Accrued Liabilities:      368,000
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
                                                 FIRE
              Number of Payments:                1
              Fiscal Year of Last Payment:       2026
              Amortization Payment:              408,000
 
   Since  Mr.  Skudin is deceased, and therefore has no remaining working
 lifetime, the entire increase in Unfunded  Accrued  Liability  would  be
 recognized immediately.
   CENSUS DATA: As of June 30, 2023, Angela Skudin would be approximately
 age 44 and is not receiving an annual pension.
   The  Ordinary  Death Benefit and reserve equal to the present value of
 the service retirement benefit (Death  Gamble  Benefit)  were  estimated
 using  data  sets provided by the New York City Fire Pension Fund (FIRE)
 which were not audited but were reviewed for reasonableness.  The  Ordi-
 nary  Death  Benefit  was estimated using an earnings amount of approxi-
 S. 9845                             3
 
 mately $181,500, and the Death Gamble  Benefit  was  estimated  using  a
 Final Average Salary of approximately $151,000.
   BACKGROUND:  New  York  City firefighter Casey Skudin died as a Tier 2
 member of FIRE on June 17, 2022 with less  than  20  years  of  service.
 Accordingly, his beneficiary is entitled to an Ordinary Death Benefit of
 a  lump sum payment equal to three times his final years earnings plus a
 refund of member contributions.
   Under the proposed legislation, Mr. Skudin would  be  deemed  to  have
 attained 20 years of service at the time of his death, and his surviving
 spouse  would be authorized to file a retirement election option form on
 his behalf for a 100% Joint and Survivor allowance.  Alternatively,  the
 proposed  legislation  may entitle Angela Skudin to a Death Gamble Bene-
 fit.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems. In addition:
   * For purposes of this Fiscal Note, Angela Skudin was assumed to elect
 a Death Gamble Benefit instead of a 100% Joint and  Survivor  allowance.
 Therefore,  the  estimated  financial  impact  of this proposal has been
 calculated as the difference between the  present  value  of  the  Death
 Gamble Benefit and the Ordinary Death Benefit.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions, methods,  and  models  used,  demo-
 graphics  of  the  impacted population and other factors such as invest-
 ment, contribution, and other risks. If actual experience deviates  from
 actuarial   assumptions,  the  actual  costs  could  differ  from  those
 presented herein. Quantifying these risks is beyond the  scope  of  this
 Fiscal Note.
   This  Fiscal  Note  is intended to measure pension-related impacts and
 does not include other potential costs (e.g., administrative  and  Other
 Postemployment Benefits).
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky  are members of the Society of Actuaries and the American Academy of
 Actuaries. We are members of NYCERS but do not believe  it  impairs  our
 objectivity  and  we  meet  the  Qualification Standards of the American
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 To  the  best  of  our knowledge, the results contained herein have been
 prepared in accordance with generally accepted actuarial principles  and
 procedures  and  with  the Actuarial Standards of Practice issued by the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note  2024-66  dated  May  22,
 2024  was prepared by the Chief Actuary for the New York City Retirement
 Systems and Pension Funds. This estimate is intended for use only during
 the 2024 Legislative Session.