Bill > S06406

This bill allows beneficiaries of certain deceased members of retirement systems, specifically those in titles defined by subdivision i of section eighty-nine of the retirement and social security law who would have been eligible for a service retirement benefit at the time of their death, and whose death occurs on or after July 1, 2026, to elect to receive a lump sum payment. This lump sum would be 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 any reserve for increased take-home pay, whichever is greater. This provision applies to members of the New York State and Local Employees' Retirement System employed by the state as correction officers and security hospital treatment assistants, and is estimated to increase the state's annual contributions and incur a significant one-time past service cost.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6406