A 8587: Authorizes Judy A. Lynch, the widow of James G. Lynch, to file a new service retirement application and an option election form on behalf of her deceased husband with the New York state and local employees' retirement system.

  
  STATE OF NEW YORK ________________________________________________________________________ 8587 2025-2026 Regular Sessions  IN ASSEMBLY May 21, 2025 ___________ Introduced by M. of A. P. CARROLL -- read once and referred to the Committee on Governmental Employees AN ACT in relation to authorizing Judy A. Lynch, the widow of James G. Lynch, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of such deceased member The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other provision of law to the contrary, 2 Judy A. Lynch, the widow of James G. Lynch, who was a member of the New 3 York state and local employees' retirement system, who died after he 4 commenced the filing of paperwork for retirement but prior to his 5 selected retirement date, shall be authorized to file a new service 6 retirement application and an option election form on behalf of her 7 deceased husband with a joint allowance full option, if, within one year 8 from the effective date of this act, she shall submit a request therefor 9 to the state comptroller. In addition, his date of retirement shall be 10 deemed to have been June 12, 2016. Once such application is received, 11 any rights or benefits to the pre-retirement ordinary death benefit 12 payable upon the death of a member in service pursuant to section 448 of 13 the retirement and social security law shall be waived. Any amounts paid 14 by the New York state and local employees' retirement system as the 15 result of the death of James G. Lynch prior to the filing of the request 16 for a service retirement benefit pursuant to this section shall be 17 deducted from the service retirement benefit payable thereafter. 18 § 2. Any additional costs for this act shall be paid by the state of 19 New York. 20 § 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would authorize Judy A. Lynch, the widow of deceased member James G. Lynch, to file a new service retirement application and option EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11548-02-5 
 A. 8587 2 election form with the New York State and Local Employees' Retirement System (NYSLERS). The date of retirement will be June 12, 2016, one day prior to the date of death of James G. Lynch. The option election will be a joint allowance full. Any ordinary death benefit paid by NYSLERS prior to the filing of a new service retirement application will be deducted from the benefits payable under this legislation. If this bill is enacted during the 2025 Legislative Session, there will be an immediate past service cost of approximately $622,000 which will be borne by the State of New York as a one-time payment. This esti- mate assumes that payment will be made on March 1, 2026. Summary of relevant resources: Membership data as of March 31, 2024 was used in measuring the impact of the proposed change, the same data used in the April 1, 2024 actuari- al valuation. Distributions and other statistics can be found in the 2024 Report of the Actuary and the 2024 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2024 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, 2024 New York State and Local Retirement System Financial Statements and Supplementary Information. 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 May 6, 2025, and intended for use only during the 2025 Legislative Session, is Fiscal Note No. 2025-166. As Chief Actuary of the New York State and Local Retirement System, I, Aaron Schottin Young, hereby certify that this analysis complies with applicable Actu- arial Standards of Practice as well as the Code of Professional Conduct and Qualification Standards for Actuaries Issuing Statements of Actuari- al Opinion of the American Academy of Actuaries, of which I am a member.