Let Widow Refile Retirement

Section 1. Notwithstanding any other provision of law to the contrary, Susan Gillinder, the widow of Robert C. Ritchie, who was a member of the New York state and local employees' retirement system, who died after he filed for retirement but prior to his selected retirement date, shall be authorized to file a new service retirement application and an option election form on behalf of her deceased husband with a joint allowance full option, if, within one year from the effective date of this act, she shall submit a request therefor to the state comptroller. In addition, his date of retirement shall be deemed to have been August 15, 2016. Once such application is received, any rights or benefits to the pre-retirement ordinary death benefit payable upon the death of a member in service pursuant to section 448 of the retirement and social security law shall be waived. Any amounts paid by the New York state and local employees' retirement system as the result of the death of Robert C. Ritchie prior to the filing of the request for a service retirement benefit pursuant to this section shall be deducted from the service retirement benefit payable thereafter.

§ 2. Any additional costs for this act shall be paid by the state of New York.

§ 3. This act shall take effect immediately.

FISCAL NOTE. -- Pursuant to Legislature Law, Section 50:

This bill would deem deceased member Robert C. Ritchie eligible to

receive a service retirement benefit effective on August 15, 2016.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD05851-02-9

A. 6337 2

Susan Gillinder shall be authorized to file for the service retirement

benefit on his behalf with a joint allowance full option. Upon enactment

of this legislation, all rights and benefits to the ordinary death bene-

fits Susan Gillinder would otherwise be entitled to receive shall be

waived. Any payments received from such ordinary death benefit will be

deducted from the benefits payable under this legislation.

If this bill is enacted, there would be a one-time cost to the State

of New York of approximately $350,000. This estimate is based on the

assumption that payment will be made on March 1, 2020.

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, 2018 actuarial valu-

ation. Distributions and other statistics can be found in the 2018

Report of the Actuary and the 2018 Comprehensive Annual Financial

Report.

The actuarial assumptions and methods used are described in the 2015,

2016, 2017 and 2018 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, 2018

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 January 10, 2019, and intended for use only

during the 2019 Legislative Session, is Fiscal Note No. 2019-31,

prepared by the Actuary for the New York State and Local Retirement

System.