Assembly Bill A7609

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7609
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 1, 2025
                                ___________
 
 Introduced  by  M.  of  A.  P. CARROLL  -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT relating to disability retirement benefits for Dennis  Malone,  a
   participant  in World Trade Center rescue, recovery, and cleanup oper-
   ations
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Notwithstanding  any  other  law  to the contrary, Dennis
 Malone, an employee of the Town of  Clarkstown  who  retired  from  such
 service  on  August  16,  2018,  and who participated in the World Trade
 Center rescue, recovery and cleanup operations transporting officers  to
 ground zero during clean up, shall be entitled to a 75% accidental disa-
 bility  retirement  benefit  pursuant to paragraph 4 of subdivision d of
 section 605 of the retirement and social security  law  based  upon  the
 determination  by  the  New  York  state and local employees' retirement
 system that Dennis Malone was permanently incapacitated for the perform-
 ance of his duties as a result of his participation in the  World  Trade
 Center  rescue,  recovery,  or cleanup operations. Such benefit shall be
 payable from the date of his retirement.
   § 2. All costs associated with implementing this act shall be borne by
 the state of New York.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would provide Dennis Malone, a service retiree  of  the  New
 York State and Local Employees Retirement System, an accidental disabil-
 ity  benefit  equal  to  75  percent of final average salary, because of
 their participation in the  World  Trade  Center  rescue,  recovery  and
 cleanup  operations. Their retirement benefit would be recalculated, and
 payment would be made retroactive to the date of retirement.
   If this bill is enacted during the  2025  Legislative  Session,  there
 will  be  an immediate past service cost of approximately $648,000 which
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09053-02-5
              

 A. 7609                             2
 
 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, 2026.
   Summary of relevant resources:
   Membership  data as of March 31, 2024 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2024  Report  of the Actuary and the 2024 Annual Comprehensive Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024 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, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   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  February  20,  2025, and intended for use only
 during the 2025 Legislative Session, is  Fiscal  Note  No.  2025-69.  As
 Chief  Actuary  of  the  New  York State and Local Retirement System, I,
 Aaron Schottin Young, hereby certify that this  analysis  complies  with
 applicable  Actuarial  Standards  of  Practice  as  well  as the Code of
 Professional Conduct and Qualification Standards for  Actuaries  Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which I am a member.