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NY S09076
Bill
Status
6/28/2024
Primary Sponsor
Andrew Gounardes
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AI Summary
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Increases the special accidental death benefit (SADB) paid to surviving spouses, children under age 23, and parents of deceased members who died in accidents by 3% effective July 1, 2024
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Applies a 3% increase to the salary used in SADB calculations for all members who died before 2024, with the percentage escalating based on year of death (ranging from 301.2% for 1977 or prior deaths down to 0.0% for 2024 deaths)
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Amends both the General Municipal Law (Section 208-f) and Retirement and Social Security Law (Section 361-a) to implement identical benefit adjustments
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Estimated cost of $8.5 million for the New York State and Local Police and Fire Retirement System, with annual employer contributions increasing by approximately $870,000 total statewide
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For New York City retirement systems, estimated first-year impact of $8.0 million in employer contributions, primarily affecting Police ($3.5 million) and Fire ($4.1 million) departments
Legislative Description
Increases certain special accidental death benefits for state and local retirement system members.
Last Action
SIGNED CHAP.162
6/28/2024