Bill S4979C-2013

Provides beneficiaries with the same allocation of retirement benefits

Provides beneficiaries with the same allocation of retirement benefits if the member has the service retirement application, disability retirement applications or option election forms postmarked prior to his or her death.

Details

Actions

  • Jun 16, 2014: referred to ways and means
  • Jun 16, 2014: RETURNED TO ASSEMBLY
  • Jun 16, 2014: REPASSED SENATE
  • Jun 11, 2014: AMENDED ON THIRD READING 4979C
  • Jun 11, 2014: VOTE RECONSIDERED - RESTORED TO THIRD READING
  • Jun 11, 2014: returned to senate
  • Jun 11, 2014: RECALLED FROM ASSEMBLY
  • Jun 10, 2014: referred to ways and means
  • Jun 10, 2014: DELIVERED TO ASSEMBLY
  • Jun 10, 2014: PASSED SENATE
  • May 21, 2014: ADVANCED TO THIRD READING
  • May 20, 2014: 2ND REPORT CAL.
  • May 19, 2014: 1ST REPORT CAL.786
  • Jan 8, 2014: REFERRED TO CIVIL SERVICE AND PENSIONS
  • Jun 13, 2013: PRINT NUMBER 4979B
  • Jun 13, 2013: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • Jun 7, 2013: PRINT NUMBER 4979A
  • Jun 7, 2013: AMEND (T) AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • May 2, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

Calendars

Votes

Memo

BILL NUMBER:S4979C

TITLE OF BILL: An act to amend the retirement and social security law, in relation to providing beneficiaries with the same allocation of retirement benefits if the member has the service retirement application, disability retirement applications or option election forms postmarked prior to his or her death

PURPOSE: The purpose of the bill is direct the Retirement System to process retirement applications with the same allocation of such benefits for members of the system that filed their retirement paperwork, as if they did not die during the 30 day processing time for the retirement system.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 - Amends the RSSL by adding a new section 74a

Section 2 - Amends the RSSL by adding a new section 374a

Section 4 - Effective Date

JUSTIFICATION: Currently if a member files their retirement papers and subsequently dies prior to the system processing the member's papers, the member is afforded the in-service death benefit. This bill would allow the retirement system to process a members paperwork, as if that member were still alive, so that the initial retirement payment selection that that member elects is payable to their beneficiary.

FISCAL IMPLICATIONS: Contained in the legislation.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 4979--C Cal. No. 786 2013-2014 Regular Sessions IN SENATE May 2, 2013 ___________
Introduced by Sens. GOLDEN, AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- reported favora- bly from said committee, ordered to first and second report, ordered to a third reading, passed by Senate and delivered to the Assembly, recalled, vote reconsidered, restored to third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the retirement and social security law, in relation to providing beneficiaries with the same allocation of retirement bene- fits if the member has the service retirement application, disability retirement applications or option election forms postmarked prior to his or her death THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 74-a to read as follows: S 74-A. APPLICATIONS AND ELECTIONS; ISSUES DUE TO DEATH. WHENEVER A STATUTE REQUIRES THAT A DOCUMENT MUST BE FILED OR MONEYS DEPOSITED WITH THE SYSTEM WITHIN A PRESCRIBED PERIOD OF TIME OR BY A SPECIFIED DATE IN ORDER FOR A MEMBER TO BE ELIGIBLE FOR SERVICE CREDIT OR A BENEFIT FROM THE SYSTEM THE DOCUMENT SHALL BE DEEMED FILED OR THE MONEYS DEPOSITED WITH THE SYSTEM ON THE DAY THEY ARE CLEARLY POSTMARKED BY THE UNITED STATES POSTAL SERVICE AS THE RETIREMENT SYSTEM MAY SPECIFICALLY PERMIT BY RULE OR REGULATION. NOTWITHSTANDING THE PROVISIONS HEREOF, NO SUCH DOCUMENT SHALL BE DEEMED FILED OR MONEYS DEPOSITED WITH THE SYSTEM ON THE DAY OF MAILING UNLESS ACTUALLY RECEIVED BY THE RETIREMENT SYSTEM AS A RESULT OF SUCH MAILING.
S 2. The retirement and social security law is amended by adding a new section 374-a to read as follows: S 374-A. APPLICATIONS AND ELECTIONS; ISSUES DUE TO DEATH. WHENEVER A STATUTE REQUIRES THAT A DOCUMENT MUST BE FILED OR MONEYS DEPOSITED WITH THE SYSTEM WITHIN A PRESCRIBED PERIOD OF TIME OR BY A SPECIFIED DATE IN ORDER FOR A MEMBER TO BE ELIGIBLE FOR SERVICE CREDIT OR A BENEFIT FROM THE SYSTEM THE DOCUMENT SHALL BE DEEMED FILED OR THE MONEYS DEPOSITED WITH THE SYSTEM ON THE DAY THEY ARE CLEARLY POSTMARKED BY THE UNITED STATES POSTAL SERVICE AS THE RETIREMENT SYSTEM MAY SPECIFICALLY PERMIT BY RULE OR REGULATION. NOTWITHSTANDING THE PROVISIONS HEREOF, NO SUCH DOCUMENT SHALL BE DEEMED FILED OR MONEYS DEPOSITED WITH THE SYSTEM ON THE DAY OF MAILING UNLESS ACTUALLY RECEIVED BY THE RETIREMENT SYSTEM AS A RESULT OF SUCH MAILING. S 3. Notwithstanding any other provision of law to the contrary, none of the provisions of this act shall be subject to section 25 of the retirement and social security law. S 4. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend certain filing requirements of the New York State and Local Employees' Retirement System (ERS) and the New York State and Local Police and Fire Retirement System (PFRS) by setting the date of filing as the date of postmark for any document that has to be filed, or payment that has to be made by a specified date or within a prescribed time period. If this bill is enacted, we anticipate that the cost impact would be negligible. ERS costs: Pursuant to Section 25 of the Retirement and Social Securi- ty Law, any cost incurred would be borne by the State of New York and would require an itemized appropriation by the State of New York suffi- cient to pay the cost of the provision. PFRS costs would be shared by the State of New York and all partic- ipating employers in the PFRS. 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 actuarial opinion contained herein. This estimate, dated June 10, 2014, and intended for use only during the 2014 Legislative Session, is Fiscal Note No. 2014-151, prepared by the Actuary for the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.

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