NY A10111

Increases special accidental death benefits paid to surviving spouses, children, and parents of deceased members by escalating the salary calculation used for benefit computation, effective July 1, 2024.

Updates the benefit escalation schedule in General Municipal Law section 208-f and Retirement and Social Security Law section 361-a by shifting all percentage rates upward by one year and adding a new 0.0% entry for calendar year 2024 deaths.

Applies to members of the New York State and Local Police and Fire Retirement System (NYSLPFRS) and New York City Retirement Systems (NYCRS), including employees of the Police Department, Fire Department, Department of Sanitation, Housing Authority, and other specified agencies.

Results in estimated permanent annual costs of $8.5 million for NYSLPFRS ($4.1 million state, $4.4 million local employers) and $8.0 million annually for NYCRS through fiscal year 2038, with costs declining thereafter as the affected population ages.

Takes effect July 1, 2024.