Bill > S07113

This bill amends the retirement and social security law to provide an enhanced death benefit option for members of the New York City Fire Department's uniformed force. Specifically, for Tier 3 firefighters who die on or after July 1, 2025, and would have been eligible for normal or early service retirement, the beneficiaries can elect to receive a lump-sum payment equal to the greater of their current death benefit or the pension reserve that would have been established had the member retired on the date of death. The bill also allows beneficiaries to choose to receive the death benefit as an annuity, which would be actuarially calculated based on the beneficiary's age at the time of the member's death. This change provides more flexibility and potentially more financial protection for the families of eligible firefighters who die in service, with the lump-sum option sometimes referred to as a "Death Gamble." The fiscal note indicates this will result in a modest increase in employer contributions, estimated at approximately 0.02% of payroll for new hires, with the increased costs allocated to New York City.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7113