Relates to a death benefit option for the wife of deceased justice Jerry Garguilo
Impact
If enacted, A10382 will create a notable financial provision regarding the treatment of death benefits within New York's unified court system. This bill makes a legislative adjustment that allows for the amortization of past service costs, estimated to be $196,000, which the state will cover over a 10-year period at an annual rate of $25,000. This change could set a precedent for similar cases in the future, potentially impacting how death benefits are structured for other judicial beneficiaries across the state.
Summary
A10382 is a legislative proposal aimed at providing a specific death benefit option for Angela Garguilo, the beneficiary of the deceased Justice Jerry Garguilo. The bill allows the beneficiary to elect to receive a lump sum that represents the pension reserve that would have been accrued had Justice Garguilo retired on the date of his death. The bill proposes that this lump sum is to be calculated as the greater amount between the pension reserve and any other applicable death benefits, ensuring that Angela Garguilo receives a fair compensation for her loss.
Contention
There are potential points of contention that may arise from the enactment of this bill, particularly regarding its financial implications for the state's budget and pension system. Some may argue that providing a lump sum benefit could lead to challenges in managing pension reserves, especially if similar claims arise in the future. Furthermore, discussions may arise regarding equity, as stakeholders could question the fairness of granting this specific benefit for one individual while others may not receive similar provisions.
Permits an eligible retirement system member to receive, in lieu of an ordinary death benefit, a death benefit such member would otherwise be entitled to receive provided such member is a state-paid judge or justice of the unified court system or a housing judge of the civil court of the city of New York.
Permits an eligible retirement system member to receive, in lieu of an ordinary death benefit, a death benefit such member would otherwise be entitled to receive provided such member is a state-paid judge or justice of the unified court system or a housing judge of the civil court of the city of New York.
Authorizes Marie Glarakis, a former Suffolk county police officer who is receiving a performance of duty disability retirement, to change the designated beneficiary of her retirement benefits and her retirement option to single life allowance (Option 0).
Authorizes Marie Glarakis, a former Suffolk county police officer who is receiving a performance of duty disability retirement, to change the designated beneficiary of her retirement benefits and her retirement option to single life allowance (Option 0).