Bill
Bill > A07620
NY A07620
NY A07620Provides that where a deputy sheriff would have been entitled to a service retirement benefit at the time of his or her death, the beneficiary may elect to receive an amount equal to the pension reserve that would have been established had the member retired on the date of his or her death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
summary
Introduced
05/19/2021
05/19/2021
In Committee
06/09/2021
06/09/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Provides that where a deputy sheriff would have been entitled to a service retirement benefit at the time of his or her death, the beneficiary may elect to receive an amount equal to the pension reserve that would have been established had the member retired on the date of his or her death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
AI Summary
This bill modifies the in-service death benefit for Suffolk County Deputy Sheriffs who are eligible for service retirement at the time of their death. It allows the beneficiary or beneficiaries to receive a lump sum payment equal to the pension reserve that would have been established had the member retired on the date of their death, or the value of the death benefit and the reserve-for-increased-take-home-pay, whichever is greater. The bill also exempts these provisions from the appropriation requirement of section 25 of the retirement and social security law, and requires Suffolk County to pay all past service costs associated with this change. The estimated fiscal impact is an increase of approximately $29,000 in the annual contributions of Suffolk County starting in the fiscal year ending March 2022, as well as a one-time past service cost of approximately $384,000.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (2)
Last Action
substituted by s6796 (on 06/10/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A7620 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07620&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07620 |
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