NY A06784

Allows beneficiaries of deceased NYC Transit Authority members (Tier 4 and Tier 6 Special Plan) to receive the full pension reserve value if the member was eligible for service retirement but died before filing for it

Beneficiaries may elect to receive the benefit as either a lump sum or on an annuitized basis, equal to what the pension reserve would have been had the member retired on their date of death

Applies to deaths occurring on or after the effective date of the legislation, covering approximately 37,476 active transit members

Increases employer contributions to NYCERS by approximately $4.2-4.3 million annually from 2026-2037, decreasing to approximately $1.0-1.1 million annually thereafter

Creates an unfunded accrued liability of $25.2 million to be amortized over 12 payments at $3.3 million per year, with costs allocated to the NYC Transit Authority