S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9029

                          I N  A S S E M B L Y

                             March 10, 2014
                               ___________

Introduced by M. of A. P. LOPEZ -- read once and referred to the Commit-
  tee on Governmental Employees

AN  ACT  to authorize the widow of Barry Liebowitz to file a retroactive
  application for retirement with the New York state and  local  employ-
  ees' retirement system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding the provisions of any  general  or  special
law,  rule  or regulation to the contrary, Barry Liebowitz, who was last
employed by the New York state energy research and development authority
as a senior project manager, shall be  deemed  eligible  for  a  service
retirement  benefit  effective  June  17, 2013, notwithstanding the fact
that he died on June 17, 2013. Within one year from the  effective  date
of  this  act, Marilyn Liebowitz, the widow of Barry Liebowitz, may file
with the retirement system an application for service  retirement  bene-
fits  on  behalf of Barry Liebowitz with an effective date of retirement
of June 17, 2013 and an option election form electing to receive retire-
ment benefits pursuant to the terms of the joint allowance - full option
with Marilyn Liebowitz as the  beneficiary.  The  filing  of  a  service
retirement  application  will constitute a waiver of any rights or bene-
fits to the ordinary death benefit payable upon the death of a member in
service pursuant to sections five hundred eight or six  hundred  six  of
the  retirement and social security law. Any amounts paid by the retire-
ment system to Barry Liebowitz, his estate or to Marilyn Liebowitz prior
to the filing  of  the  application  for  service  retirement  shall  be
deducted from the benefit payable thereafter.
  S  2.  Any additional costs for this act shall be paid by the state of
New York.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--This bill would deem Barry Liebowitz eligible to receive
a service retirement benefit effective on June 17, 2013, notwithstanding
the fact that he died on June  17,  2013.  Marilyn  Liebowitz  shall  be
authorized  to  file  for  the service retirement benefit on his behalf.
Further, Marilyn Liebowitz must waive all rights  and  benefits  to  the

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

                                                           LBD13074-05-4

A. 9029                             2

ordinary  death benefits she would otherwise be entitled to receive. Any
payments received from such ordinary death benefit will be deducted from
the benefits payable under this legislation.
  If  this  bill is enacted, there would be a one-time cost to the State
of New York of aproximately $425,000. This  estimate  is  based  on  the
assumption that payment will be made on March 1, 2015.
  Summary of relevant resources:
  The  membership  data  used  in  measuring  the impact of the proposed
change was the same as that used in the March 31, 2013  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2013
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  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, 2013
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  statement  of  actuarial  opinion
contained herein.
  This estimate, dated December 17, 2013,  and  intended  for  use  only
during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-41,
prepared by the Actuary for the New  York  State  and  Local  Employees'
Retirement System.