NY S07525

Amends retirement and social security law to provide enhanced death benefits for state correction officers (Tiers 2-6) who would have been eligible for service retirement at time of death.

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

Applies to deaths occurring on or after July 1, 2018 for members in titles under the Department of Corrections and Community Supervision jurisdiction.

Estimated one-time cost of $13.2 million to the state, payable March 1, 2019, based on 20,712 state correction officers.

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