Bill > A07899

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 who die on or after July 1, 2025. Specifically, for Tier 3 firefighters who would have been eligible for normal or early service retirement at the time of their death, their beneficiaries can elect to receive a lump-sum payment equal to either the pension reserve (including the member's contributions plus interest) that would have been established had the member retired on the date of death, or the value of the death benefit - whichever is greater. Additionally, the bill allows beneficiaries to alternatively choose to receive the death benefit as an annuity, which would be actuarially determined based on the beneficiary's age at the time of the member's death. This change provides more flexibility for firefighters' families, offering them a potentially more valuable death benefit option compared to the current standard three-times-salary lump sum benefit. The fiscal note indicates this will result in a modest increase in employer contributions, estimated at approximately 0.02% of payroll for future new hires.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7899