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NY A09084
Bill
Status
12/13/2024
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 value as 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 in specified titles who would have been entitled to service retirement benefits at time of death, with deaths occurring on or after July 1, 2024
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Modifies death benefit provisions in the Retirement and Social Security Law for both the New York State and Local Employees' Retirement System and affected police officers, firefighters, correction officers, investigators, and sanitation workers
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Creates an estimated annual cost of $1.7 million for the fiscal year ending March 31, 2025, with a one-time past service cost of approximately $10.4 million to be paid by New York State
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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, 2024 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
12/13/2024