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NY A06288
Bill
Status
3/3/2025
Primary Sponsor
D. Billy Jones
Click for details
AI Summary
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Allows beneficiaries of deceased New York State correction officers and security hospital treatment assistants to elect a lump sum death benefit payment instead of standard benefits, effective for deaths occurring on or after July 1, 2025
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Applies only to members who would have been eligible for service retirement at the time of death
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Lump sum amount equals the greater of: the pension reserve that would have been established had the member retired on the date of death, or the standard death benefit plus reserve-for-increased-take-home-pay
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Affects approximately 15,927 state employees with combined annual salaries of approximately $1.5 billion
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Estimated fiscal impact includes a one-time past service cost of $16.6 million and an ongoing annual cost increase of approximately $1.7 million (0.1% of salary) to New York State
Legislative Description
Allows a beneficiary of a member whose death occurs on or after July 1, 2025 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
enacting clause stricken
9/8/2025