NY S08448

Amends retirement law to provide enhanced death benefits for Westchester County correction officers and related supervisory positions who would have been eligible for service retirement at time of death.

Beneficiaries may elect to receive a lump sum payment equal to the greater of: the pension reserve value as if the member retired on date of death, or the death benefit plus any reserve-for-increased-take-home-pay.

Past service costs of approximately $681,000 shall be borne by Westchester County, with option to amortize over 10 years at approximately $87,000 annually with interest.

Estimated annual contribution increase of approximately $93,000 for Westchester County in fiscal year ending March 31, 2023, varying in future years based on billing rates and member salaries.

Effective immediately upon enactment, applies to deaths occurring on or after the effective date.