NY A06699

Allows active beneficiaries of deceased NYSLERS members to elect pension benefits instead of death benefits if the member filed a retirement application less than 30 days before death and was eligible to retire.

Requires the deceased member to have filed an option election form prior to death, with the member deemed to have retired the day before death if the beneficiary chooses this option.

Exempts this act from section 25 of the retirement and social security law.

Takes effect immediately upon enactment.

Estimated to affect approximately 600 beneficiaries annually, with potential additional costs up to five times a deceased member's salary depending on age, service, salary, plan, and optional form elected.