NY S05726

Allows beneficiaries of Orange County correction officers who die while eligible for service retirement to receive a lump sum payment equal to the greater of the pension reserve (as if the member had retired on their death date) or the standard death benefit plus any reserve-for-increased-take-home-pay

Applies to correction officers, correction officer-sergeants, correction officer-captains, assistant wardens, associate wardens, and wardens employed by the Orange County correction department

Orange County bears all past service costs, with the option to amortize the $324,000 immediate past service cost over 10 years at approximately $41,400 per year

Annual contributions from Orange County expected to increase by approximately $42,000 in the first fiscal year, averaging 0.1% of salary annually thereafter

Affects approximately 305 correction employees with combined annual salaries of about $33.7 million