NY A10015

Amends death benefit provisions for state correction officers (Tiers 2-6) under the Department of Corrections and Community Supervision who would have been eligible for service retirement at time of death.

Allows beneficiaries to elect a lump sum payment equal to either the pension reserve that would have been established if the member retired on their date of death, or the standard death benefit plus reserve-for-increased-take-home-pay, whichever is greater.

Applies to deaths occurring on or after July 1, 2018.

Imposes a one-time past service cost of $13.2 million to the State of New York, estimated based on 20,712 state correction officers.

Expires five years after enactment unless extended or made permanent by subsequent legislation.