Bill > A06288

This bill amends the retirement and social security law to provide a new option for beneficiaries of certain deceased members in specific public service roles. Specifically, for members who would have been eligible for service retirement at the time of their death and whose death occurs on or after July 1, 2025, the beneficiary can elect to receive a lump sum payment. This payment will be the greater of either 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 reserve-for-increased-take-home-pay. The bill applies to members in titles defined under section 89 of the retirement and social security law, such as correction officers and security hospital treatment assistants. According to the fiscal note, this change is expected to increase annual state contributions by approximately $1.7 million for the fiscal year ending March 31, 2026, with a one-time past service cost of about $16.6 million. The estimate is based on 15,927 affected state employees with an annual salary of approximately $1.5 billion as of March 31, 2024.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6288