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NY A07335
Bill
Status
3/25/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Allows beneficiaries of NYC Department of Sanitation and Department of Correction uniformed members who die in service on or after July 1, 2025, to elect an enhanced death benefit if the member was eligible for service retirement at time of death
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Beneficiaries may choose to receive a lump sum equal to either the pension reserve that would have been established had the member retired on their date of death, or the standard death benefit plus reserve-for-increased-take-home-pay, whichever is greater
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Amends the Retirement and Social Security Law (sections 448, 508, and 606) and the NYC Administrative Code (section 13-148) to apply this benefit across all tiers and plans within NYCERS
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Estimated to increase employer contributions by $2.3-2.5 million annually from fiscal years 2026-2036, decreasing to approximately $0.9-1.0 million annually thereafter, with all costs allocated to New York City
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Affects approximately 13,752 active members with an average age of 43.3 years, average service of 11.8 years, and average salary of $118,700
Legislative Description
Relates to death benefits for members of the uniformed force of the New York city department of sanitation and members of the uniformed force of the New York city department of correction; establishes that the beneficiaries of a member who would have been entitled to a service retirement benefit at the time of such member's death may elect to receive, in a lump sum, an amount payable which shall be equal to the pension reserve that would have been established had the member retired on the date of such member's death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
Last Action
print number 7335a
3/5/2026