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NY A11161
Bill
Status
12/4/2020
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Amends Retirement and Social Security Law sections 448, 508, and 606 and Administrative Code section 13-148 to provide enhanced death benefits for NYC Department of Sanitation and Department of Correction uniformed members.
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Beneficiaries of members who would have qualified for service retirement at time of death may elect to receive a lump sum equal to the greater of: the pension reserve value had the member retired on their death date, or the current death benefit plus any reserve-for-increased-take-home-pay.
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Applies to deaths occurring on or after July 1, 2020, for all tier and plan members in the New York City Employees' Retirement System.
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Increases present value of future benefits by approximately $18.8 million and annual employer contributions by approximately $2.2 million per year over a 13-year amortization period.
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Takes effect immediately upon enactment.
Legislative Description
Relates to death benefits for members of the uniformed force of the New York city department of sanitation and members of the uniformed force of the New York city department of correction; establishes that the beneficiaries of a member who would have been entitled to a service retirement benefit at the time of his or her death may elect to receive, in a lump sum, an amount payable which shall be equal to the pension reserve that would have been established had the member retired on the date of his or her death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
Last Action
referred to governmental employees
12/4/2020