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NY S06640
Bill
Status
Vetoed
12/19/2025
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
- Allows beneficiaries of NYC Transit Authority members who die before filing for service retirement to receive a death benefit equal to the pension reserve that would have been established had the member retired on their date of death
- Beneficiaries may elect to receive this amount as a lump sum or on an annuitized basis, providing an alternative to the standard ordinary death benefit (typically three times final salary)
- Applies to Transit Tier 4 and Tier 6 Special Plan members of the NYC Employees' Retirement System (NYCERS) who die on or after the effective date
- Increases employer contributions by approximately $4.2-4.3 million annually from 2026-2037, decreasing to approximately $1.0-1.1 million annually from 2038-2050
- Creates a present value of benefits increase of $34.3 million and an unfunded accrued liability increase of $25.2 million, affecting approximately 37,476 active members
Legislative Description
Provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve where a member who is eligible for a service retirement dies prior to filing for retirement.
Last Action
VETOED MEMO.150
12/19/2025
Committee Referrals
Governmental Employees6/9/2025
Rules6/9/2025
Finance4/2/2025
Civil Service and Pensions3/19/2025
Full Bill Text
No bill text available