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NY A05630
Bill
Status
12/8/2023
Primary Sponsor
D. Billy Jones
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AI Summary
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Allows beneficiaries of deceased members to elect lump sum death benefits equal to the pension reserve that would have been established if the member had retired on their date of death, or the value of the death benefit and reserve-for-increased-take-home-pay, whichever is greater
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Applies to members who would have been entitled to service retirement benefits at time of death and whose death occurs on or after July 1, 2023
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Applies to members in titles defined in subdivision i of section eighty-nine of the Retirement and Social Security Law, including correction officers and security hospital treatment assistants
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Projected to cost the State of New York approximately $1.8 million in annual contributions for fiscal year ending March 31, 2024, plus a one-time past service cost of approximately $10.6 million
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Takes effect immediately upon enactment
Legislative Description
Allows a beneficiary of a member whose death occurs on or after July 1, 2023 and who would have been entitled to a service credit at the time of such member's death to elect to receive a lump sum payment equal to the pension reserve that would have been established had the member retired on the date of such member's death.
Last Action
tabled
12/8/2023