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NY S06619
Bill
Status
12/16/2022
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Delays ordinary death benefit reductions for members of the New York State Teachers' Retirement System, New York State and Local Employees' Retirement System, and New York State and Local Police and Fire Retirement System from age 61 to age 62 (Tiers 1-5) or age 63 (Tier 6).
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Eliminates four percent annual reductions to ordinary death benefits that previously commenced at age 61, aligning the reduction start date with members' eligibility for unreduced retirement benefits.
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Estimated fiscal impact of approximately $33 million in present value of future costs for the state and local participating employers in the New York State and Local Employees' Retirement System.
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Annual cost to employers of New York State Teachers' Retirement System members estimated at $1.0 million or 0.01% of payroll.
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Takes effect April 1 following enactment and is exempt from standard retirement law adjustment provisions.
Legislative Description
Delays reductions in the ordinary death benefit payable to members of the New York State and Local Retirement and the New York State and Local Police and Fire Retirement System to ensure that no reduction before a member becomes retirement eligible for an unreduced retirement from age 61 to 62 for members in Tiers 1-5 and 63 for members in Tier 6.
Last Action
SIGNED CHAP.720
12/16/2022