Bill S3989A-2011

Assigns the late John Francis Covell to Tier IV status in the New York state teachers' retirement system as of the date of his death

Assigns the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death.

Details

Actions

  • May 9, 2012: PRINT NUMBER 3989A
  • May 9, 2012: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • Jan 4, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS
  • Mar 11, 2011: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

BILL NUMBER:S3989A

TITLE OF BILL: An act to assign the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death

PURPOSE: This bill would allow Mrs. Florence M. Covell, widow of member John F. Covell who died in active service, to receive a Tier 4 active member death benefit. Mrs. Covell received the lesser Tier 1 death benefit because her husband was a Tier 1 member of the New York State Retirement System at the time of his death. He had recently completed a tier reinstatement from Tier 4 to Tier 1.

SUMMARY OF PROVISIONS: See the Purpose section above.

JUSTIFICATION: It seems that near the time of death of Mr. Covell, that Mr. Covell mistakenly filled out his retirement forms to transfer to Tier 1 status when that would not have been in the best interests of himself or his family. The bill corrects that misfortune due to the confusion of all parties at the time of Mr. Covell's death.

LEGISLATIVE HISTORY: S.4294A of 2008, S.3839A of 2006, S.4294A of 2007/2008, S.3448 of 2009/2010

FISCAL IMPLICATIONS: See attached fiscal note.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 3989--A 2011-2012 Regular Sessions IN SENATE March 11, 2011 ___________
Introduced by Sen. LARKIN -- 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 to assign the late John Francis Covell to tier 4 status in the New York state teachers' retirement system as of the date of his death THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any inconsistent provision of law, John Francis Covell, a deceased member of the New York state teachers' retirement system, shall be deemed to have had tier 4 status as a member of said system on the date of his death. Said system shall recalculate the benefits payable on account of his death and shall pay such benefits to his beneficiary as otherwise provided, less any amount already so paid. S 2. All costs attributable to the operation of this act shall be borne by the employers of members of the New York state teachers' retirement system. S 3. This act shall take effect immediately. FISCAL NOTE.--This bill would allow Florence M. Covell, the widow of member John F. Covell who died in active service, to receive the Tier 4 active member death benefit. Ms. Covell received the lesser Tier 1 death benefit because her husband was a Tier 1 member of the New York State Teachers' Retirement System at the time of his death. He had recently completed a tier reinstatement from Tier 4 to Tier 1. The cost for this benefit is equal to the increase in the present value of benefits, which is estimated to be $94,000. The source of this estimate is Fiscal Note 2012-26 dated May 1, 2012 prepared by the Actuary of the New York State Teachers' Retirement

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