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NY A07899
Bill
Status
4/11/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Allows beneficiaries of deceased NYC Fire Department uniformed force members (Tier 3) to elect a lump-sum payment equal to the pension reserve that would have been established had the member retired on their date of death, or the standard death benefit, whichever is greater
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Applies to members who were eligible for normal or early service retirement at the time of death, with deaths occurring on or after July 1, 2025
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Permits beneficiaries to opt for an annuity instead of a lump sum, with the amount determined as the actuarial equivalent based on the beneficiary's age at the member's death
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Increases NYC employer contributions to the Fire Pension Fund by approximately $0.5 million in FY 2026, growing to $0.9-1.0 million annually over 25 years
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Affects approximately 5,572 active Tier 3 Fire Pension Fund members with an average salary of $118,600
Legislative Description
Provides for beneficiaries of the death benefits of an eligible uniformed member of the fire department of the city of New York the ability to elect to receive such benefits in a certain lump-sum amount.
Last Action
referred to governmental employees
1/7/2026