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Memo

BILL NUMBER:S3113

TITLE  OF BILL:   An act to authorize the payment of ordinary disability benefits by the New York state and local employees' retirement system to the widow of Ronald M.  Premo

PURPOSE:  Authorizes the widow of Ronald M. Premo to apply for  ordinary disability retirement on his behalf.

JUSTIFICATION:    Ronald  M.  Premo  was  employed by the New York State Department of Law and was a member of  the  New  York  State  and  Local Employees'  Retirement  System.  In January of 2002, Mr. Premo was diagnosed with cancer and was hospitalized. On February 14, 2002, Mr.  Premo was given a note from his doctor stating that he was unable to return to work due to his malignancy and treatment.

Ronald Premo began to fill out the application for an ordinary disability retirement benefit designating his wife Cindy as the intended beneficiary.  The  application  was  completed,  signed  and  notarized and an appointment was made with the retirement system.    However,  Mr.  Premo died  on  February  18,  2002,  prior  to filing the ordinary disability retirement application with the  New  York  State  and  Local  Employees Retirement System.

This bill would allow Cindy L. Premo to file an application with the New York  State  and Local Employees' Retirement System, designating herself as the beneficiary of an ordinary disability pension benefit  on  behalf of her husband in lieu of any other death benefit payable.

LEGISLATIVE  HISTORY:    2011-12: S. 3039 Civil Service and Pensions/ A. 4736 Government Employees 2009-10: S.3280-A Civil Service and Pensions/A.6846-A Gov't Employees 2007-08: S.1249 Civil Service and Pensions/A.2375 Gov't Employees 2005-06:  S.1858-A  Civil  Service  and  pensions/A.4227-A  Governmental Employees 2003-04: S.1839 Civil Service and pensions/A.4213 Governmental Employees 2002: S.6690 Rules

FISCAL  IMPLICATIONS:    This  bill  would  have a cost of approximately $162,000 which would be shared by the State of  New  York  and  all  the participating  employers  in  the  New  York  State and Local Employees' Retirement System.

EFFECTIVE DATE:  This act shall take effect immediately.

Text

STATE OF NEW YORK
________________________________________________________________________

3113

2013-2014 Regular Sessions

IN SENATE

January 30, 2013
___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to authorize the payment of ordinary disability benefits  by  the
  New  York state and local employees' retirement system to the widow of
  Ronald M.  Premo

  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,
Cindy  L.  Premo,  the  widow of Ronald M. Premo who was employed by the
department of law, was a member of the New York state and local  employ-
ees'  retirement  system,  was diagnosed and hospitalized with cancer in
January of 2002, was advised on February  14,  2002  that  he  would  be
unable  to  return to employment as the result of his malignancy and the
treatment therefor, and died on February 18, 2002  prior  to  filing  an
application  for  an  ordinary  disability  retirement  and a retirement
election form with the New York state and  local  employees'  retirement
system,  shall  be  authorized  to file such application and election on
behalf of her deceased husband, if on or before December  31,  2014  she
shall  submit a request therefor to the state comptroller. Such applica-
tion  for  an  ordinary  disability  retirement  and  retirement  option
election  shall  be deemed to have become effective on February 5, 2002.
All retirement benefits payable pursuant to the provisions of  this  act
shall  be paid to Cindy L. Premo and shall be in lieu of any other death
benefits payable.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--This bill would deem Ronald M. Premo, who died in active
service prior to  filing  an  application  for  an  ordinary  disability
retirement,  to  have  filed  such  application on February 5, 2002. The
benefits payable pursuant to this act shall be  in  lieu  of  any  other
death benefits payable.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01122-02-3
S. 3113                             2
  If  this  bill  is  enacted,  there  will  be  a cost of approximately
$162,000 which would be shared by the State of  New  York  and  all  the
participating  employers  in  the  New  York  State and Local Employees'
Retirement System.
  Summary of relevant resources:
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 Actuarial Valuations report.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This estimate, dated January 25, 2013 and intended for use only during
the  2013  Legislative  Session, is Fiscal Note No. 2013-50, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System.