New York A 8587: Establishes a taxi industry predatory lending task force to study and analyze predatory lending practices affecting the taxi industry in the state

Bill Text

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A08587 Summary:

BILL NOA08587 

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SAME ASNo Same As

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SPONSORCarroll P

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COSPNSR

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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.

Go to top A08587 Actions:

BILL NOA08587 

&nbsp

05/21/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA08587 Committee&nbspVotes:

Go to topA08587 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA08587 Text:

 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 Sys