NY A09116

Increases special accidental death benefits (SADB) for surviving widows, widowers, and children under age 18 (or under 23 if attending school) of deceased public employees in New York City and State retirement systems, effective July 1, 2012.

Escalates the salary percentage used to calculate SADB by an additional 3% for all deaths occurring before 2012, with percentages ranging from 181.4% for deaths in 1977 or prior down to 0% for deaths in 2012 and later.

Applies to survivors of members in the New York City Employees' Retirement System, Police Pension Fund, Fire Department Pension Fund, and the New York State and Local Police and Fire Retirement System.

Estimated to increase actuarial present value of benefits by approximately $25.4 million for New York City retirement systems and add approximately $2.4 million in annual employer payments in the first year, with additional costs of approximately $390,000 annually for the State system.

SADB benefits are paid on a pay-as-you-go basis and are reduced by any pension supplementation, cost-of-living adjustments, Social Security benefits, or workers' compensation received by survivors.