Allows a beneficiary of a member whose death occurs on or after July 1, 2026 and who would have been entitled to a service credit at the time of such member's death to elect to receive a lump sum payment equal to the pension reserve that would have been established had the member retired on the date of such member's death.
Allows a beneficiary of a member whose death occurs on or after July 1, 2025 and who would have been entitled to a service credit at the time of such member's death to elect to receive a lump sum payment equal to the pension reserve that would have been established had the member retired on the date of such member's death.
Relates to death benefits for members of the uniformed force of the New York city department of sanitation and members of the uniformed force of the New York city department of correction; establishes that the beneficiaries of a member who would have been entitled to a service retirement benefit at the time of such member's death may elect to receive, in a lump sum, an amount payable which shall be equal to the pension reserve that would have been established had the member retired on the date of such member's death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
Relates to death benefits for members of the uniformed force of the New York city department of sanitation and members of the uniformed force of the New York city department of correction; establishes that the beneficiaries of a member who would have been entitled to a service retirement benefit at the time of such member's death may elect to receive, in a lump sum, an amount payable which shall be equal to the pension reserve that would have been established had the member retired on the date of such member's death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
Increases the Public School Retirement System (PSRS) one-time death benefit payment to $10,000 for retiree member deaths arising on or after August 28, 2026
Permits an eligible retirement system member to receive, in lieu of an ordinary death benefit, a death benefit such member would otherwise be entitled to receive provided such member is a state-paid judge or justice of the unified court system or a housing judge of the civil court of the city of New York.
Permits an eligible retirement system member to receive, in lieu of an ordinary death benefit, a death benefit such member would otherwise be entitled to receive provided such member is a state-paid judge or justice of the unified court system or a housing judge of the civil court of the city of New York.
Requires that present and former employees, active and retired members, and beneficiaries receiving any retirement, disability or death allowance receive a $2,000 increase per year.
Provides that full escalation date means the first day of the month following the date on which a member completes or would have completed twenty-three years of credited service, with respect to service retirement benefits for uniformed members of the New York city fire department pension fund.
Provides that full escalation date means the first day of the month following the date on which a member completes or would have completed twenty-three years of credited service, with respect to service retirement benefits for uniformed members of the New York city fire department pension fund.