NY A10190

Increases special accidental death benefits (SADB) paid to surviving spouses and dependent children of deceased uniformed employees by adding 3% to the salary calculation for deaths occurring from 1977 onward, effective July 1, 2022.

Applies to survivors of members of the New York City Employees' Retirement System, Police Pension Fund, and Fire Pension Fund who were employed in uniformed positions by specified NYC agencies and authorities.

Changes the effective date of prior legislation from July 1, 2021 to July 1, 2022, and updates all escalation percentages in the benefit schedule to reflect the one-year delay.

For New York State and Local Police and Fire Retirement System, estimated annual cost increase is approximately $673,000 above the current $15.3 million annual cost, shared between the state and all participating employers.

For New York City retirement systems, estimated increase in present value of future benefits is approximately $56.5 million, with anticipated annual employer contribution decrease of approximately $6.7 million beginning in Fiscal Year 2025.