NY S08594

Peter Sistrom, a deceased Metropolitan Transportation Authority employee with over 28 years of public service in the New York State and Local Employees' Retirement System who exceeded age 65, is deemed eligible for service retirement benefits despite dying on September 10, 2021.

Sistrom's spouse may file a service retirement application on his behalf on or before April 1, 2023, with an effective retirement date of September 10, 2021 and a joint allowance full option election naming the spouse or estate as beneficiary.

All rights or benefits payable to Sistrom's spouse or estate shall be retroactive to September 10, 2021, and filing for service retirement constitutes a waiver of ordinary death benefits under sections 508 or 606 of the Retirement and Social Security Law.

Any amounts previously paid by the retirement system as ordinary death benefits shall be deducted from the pension reserve, with the pension adjusted as the actuarial equivalent of the reduced reserve.

Estimated one-time cost of approximately $963,000 to be shared by the State of New York and participating NYSLERS employers.