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NY A06578
Bill
Status
4/19/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Amends retirement and social security law to provide NYC Department of Sanitation and Department of Correction uniformed members an alternative death benefit option for deaths occurring on or after July 1, 2023.
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Allows beneficiaries to elect a lump sum payment equal to the greater of: (1) the pension reserve value as if the member had retired on their date of death, or (2) the current death benefit plus any reserve-for-increased-take-home-pay.
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Applies to members who would have been eligible for service retirement at time of death, regardless of tier or plan in the NYC Employees' Retirement System.
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Estimated to increase annual employer contributions by approximately $2.2 million, with unfunded accrued liability increasing by approximately $11.3 million.
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Takes effect immediately upon enactment for all qualifying deaths on or after July 1, 2023.
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
1/3/2024