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

BILL NUMBER:S5334A

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 rein- statement from Tier 4 to Tier 1.

Summary of provisions

Section 1. Provides that Francis Covell shall be deemed to have had Tier 4 status as a member of the New York State Teachers' Retirement System on the date of his death. Further it provides that such 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.

Section 2. Provides that 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.

Section 3. Effective date.

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.3989-A of 2012: Died in Senate Civil Service and Pensions S..3989 of 2011: Died in Senate Civil Service and Pensions S.3448 of 2010: Died in Senate Civil Service and Pensions, Died in Assembly Governmental Employees S.3448 of 2009: Died in Senate Civil Service and Pensions, Died in Assembly Governmental Employees S.4294-A of 2008: Died in Senate Civil Service and Pensions, Died in Assembly Governmental Employees S.4294 of 2007: Died in Senate Civil Service and Pensions, Died in Assembly Governmental Employees

Fiscal implications

The cost of this benefit is equal to the increase in the present value of benefits, which is estimated to be $94,000.

Effective date

This act shall take effect immediately.