What's happening
This bill allows Marie Glarakis to change her retirement beneficiary and option for her police disability pension.
Why it matters
Sets a legal precedent for individual exceptions. to established pension rules, which could encourage others in similar positions to seek legislative relief for personal pension decisions.
Impacts pension system actuarial calculations and costs. , with an immediate estimated cost of $49,700 shared by the state and participating employers, highlighting how individual changes can have broader financial implications.
Shifts pension benefit structure from a joint to a single life allowance. , which means higher monthly payments for the retiree but eliminates survivor benefits—potentially affecting the financial security of previously designated beneficiaries.
Raises policy questions about fairness and administrative complexity. when retirement options, typically considered irrevocable, are changed years after retirement, potentially challenging the integrity of the pension system’s standard procedures.
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Who cares
Headline styles
Change Retirement Beneficiary Allowed
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.
Change Retirement Beneficiary Allowed
In Assembly Committee · Governmental Employees · Sponsor Monica Martinez
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
10815
IN ASSEMBLY
July 15, 2020
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jean-Pierre) -- read once and referred to the Committee on Governmental Employees
AN ACT authorizing Marie Glarakis to change the designated beneficiary of her 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, Marie Glarakis, who is receiving a performance of duty disability retirement from the New York State and Local Police and Fire Retirement System and whom retired from the Suffolk county police department on December 27, 2010, and who had previously named James Scandariato as her designated pension beneficiary, shall be permitted to change her beneficiary and her retirement option from "Joint allowance" to "Single life allowance" (Option 0) wherein no beneficiary is selected and the pension benefit ceases upon the death of the member, if on or before six months after the effective date of this act, Marie Glarakis shall submit a request therefor to the state comptroller. Such benefit shall be recalculated and her new benefit amount shall be paid as of the effective date of this act.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would authorize Marie Glarakis, who is receiving a Perform-
ance of Duty disability retirement benefit from the New York State and
Local Police and Fire Retirement System (PFRS), to change her retirement
option election to a Single Life Allowance. At retirement, Ms. Glarakis
selected a Pop-Up Joint Allowance Full option with James Scandariato as
the designated beneficiary. The benefit would be recalculated and paya-
ble as of the effective date of this bill with all payments ceasing upon
the death of the member.
If this legislation is enacted during the 2020 legislative session,
there will be an immediate past service cost of approximately $49,700.
This cost would be shared by the State of New York and all of the
participating employers in the PFRS.
Summary of relevant resources:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15726-03-0
A. 10815 2
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2019 actuarial valu-
ation. Distributions and other statistics can be found in the 2019
Report of the Actuary and the 2019 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017, 2018, and 2019 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, 2019
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 fiscal note does not constitute a legal opinion on the viability
of the proposed change nor is it intended to serve as a substitute for
the professional judgment of an attorney.
This estimate, dated April 2, 2020, and intended for use only during
the 2020 Legislative Session, is Fiscal Note No. 2020-93, 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.