What's happening
This bill allows Gregory Dennis to be retroactively named the beneficiary of his father Barry M. Dennis's retirement benefits.
Why it matters
Addresses a unique administrative error. The bill creates an exception to state law for a specific case where a paperwork error (missing statutory gifts rider with power of attorney) prevented a retiree's son from being named as beneficiary, potentially setting a precedent for handling similar mistakes in the future.
Impacts retirement system payouts and fairness. By retroactively naming Gregory Dennis as the beneficiary, the bill overrides the default "Option 0" (no survivor benefit) and allows for a 100% joint survivor benefit, impacting both the payout structure of state retirement benefits and raising questions about equal treatment for others in similar situations.
Financial implications for taxpayers and the system. The bill comes with a significant one-time cost to the state (estimated at $699,000), which reflects the value of lifetime survivor benefits, and includes provisions to recoup any overpayments through actuarial reductions—highlighting the financial ripple effects of individual benefit corrections.
Demonstrates legislative flexibility. This exception illustrates how legislative action can provide relief in cases where rigid application of administrative rules may lead to perceived unfairness, showing the human side of bureaucracy but also inviting scrutiny over who receives such legislative remedies.
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Who cares
Gregory Dennis
The bill would recognize him as his father’s retirement beneficiary under the rejected survivor option, with benefits reduced to offset any prior overpayments.
Bruce M. Dennis
As Barry Dennis’s agent under power of attorney, he would need to submit a request to the state comptroller by December 31, 2018, to secure the beneficiary designation.
New York State and Local Employees’ Retirement System
The system would honor the rejected option election as though the required statutory gifts rider had been present and calculate offsets for prior overpayments.
New York State fiscal officials
The bill’s fiscal note estimates a one-time state cost of approximately $699,000, assuming payment on March 1, 2019.
Headline styles
Let Son Get Dad’s Pension
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to governmental employees
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Let Son Inherit Retirement Benefits
In Assembly Committee · Governmental Employees · Sponsor Elaine Phillips
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
10640
IN ASSEMBLY
May 10, 2018
Introduced by M. of A. RA -- read once and referred to the Committee on Governmental Employees
AN ACT in relation to authorizing the son of Barry M. Dennis to be designated the beneficiary of his retirement benefits
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any other provision of law to the contrary, Gregory Dennis, who had been named as the survivor beneficiary of his father Barry M. Dennis, a former employee of the Nassau County district attorney's office, on June 7, 2017 by Bruce M. Dennis acting in his capacity as power of attorney for his brother Barry and who had been confirmed as the beneficiary in a letter from the New York state and local employees' retirement system dated June 19, 2017 and who was later informed in a letter dated July 14, 2017 which was received by Bruce M. Dennis on July 19, 2017 that as a result of a statutory gifts rider pursuant to section 5-1514 of the general obligations law not adjoining the statutory short form power of attorney that the paper work naming Gregory Dennis as the beneficiary was not properly submitted and as a result the only option that was legally available to Barry M. Dennis was "Option 0" wherein no beneficiary is selected and the pension benefit cease upon the death of the member, shall be deemed the beneficiary of the retirement benefits of Barry M. Dennis as if such required statutory gifts rider had been present, and shall receive the option that was selected on the option election form that was rejected due to the unacceptable power of attorney, if on or before December 31, 2018 Bruce M. Dennis shall submit a request therefor to the state comptroller.
§ 2. Any amounts paid by the New York state and local employees' retirement system to Barry M. Dennis, his estate or to his beneficiaries, which exceed those amounts that would have been payable if such required statutory gift rider had been present, will be deducted on an actuarially equivalent basis over the expected future lifetime of Gregory Dennis from the benefits payable to him pursuant to this act.
§ 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13797-04-8
A. 10640 2
Barry M. Dennis was retired under an option 0, affording no contin-
uance upon his death, following a failure of his agent to provide the
necessary and requested documentation to properly execute an election of
a Joint Survivor 100%, under which payments would continue to his son
Gregory Dennis upon his death. This bill would deem Gregory Dennis the
beneficiary of a Joint Survivor 100% continuance, upon the written
request of the member's agent Bruce M Dennis. Any overpayments by the
New York State and Local Employees' Retirement System on behalf of Barry
M. Dennis will offset the future benefit payable via actuarial
reduction.
If this bill is enacted, there will be a one-time cost to New York
State of approximately $699,000. This estimate is based on the assump-
tion that payment will be made on March 1, 2019.
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, 2017 actuarial valu-
ation. Distributions and other statistics can be found in the 2017
Report of the Actuary and the 2017 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, and 2017 Annual Report to the Comptroller on Actuarial Assump-
tions, 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, 2017
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 April 4, 2018, and intended for use only during
the 2018 Legislative Session, is Fiscal Note No. 2018-16, prepared by
the Actuary for the New York State and Local Retirement System.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.