senate Bill S8400A

2021-2022 Legislative Session

Allows beneficiaries of certain deceased members to elect to receive death benefits in a lump sum

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2022 reported and committed to finance
Mar 11, 2022 print number 8400a
Mar 11, 2022 amend and recommit to civil service and pensions
Feb 23, 2022 referred to civil service and pensions

Votes

view votes

May 9, 2022 - Civil Service and Pensions committee Vote

S8400A
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: May 9, 2022

S8400 - Details

See Assembly Version of this Bill:
A9934
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§448 & 508, R & SS L

S8400 - Summary

Allows a beneficiary of a member whose death occurs on or after July 1, 2022 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.

S8400 - Sponsor Memo

S8400 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8400
 
                             I N  S E N A T E
 
                             February 23, 2022
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN  ACT  to amend the retirement and social security law, in relation to
   allowing beneficiaries of certain deceased members to elect to receive
   death benefits in a lump sum
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision b of section 448 of the retirement and social
 security law is amended by adding a new paragraph 3 to read as follows:
   3. PROVIDED FURTHER, NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTI-
 CLE TO THE CONTRARY, WHERE THE MEMBER IS IN A TITLE AS DEFINED IN SUBDI-
 VISION I OF SECTION EIGHTY-NINE OF THIS CHAPTER,  AND  WOULD  HAVE  BEEN
 ENTITLED  TO  A  SERVICE RETIREMENT BENEFIT AT THE TIME OF SUCH MEMBER'S
 DEATH AND WHERE SUCH MEMBER'S DEATH OCCURS ON OR AFTER JULY  FIRST,  TWO
 THOUSAND  TWENTY-TWO, THE BENEFICIARY OR BENEFICIARIES NOMINATED FOR THE
 PURPOSES OF THIS SUBDIVISION 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.
   § 2. Subdivision b of section 508 of the retirement and social securi-
 ty law, as amended by chapter 476 of the laws of  2018,  is  amended  to
 read as follows:
   b.  A  member of a retirement system subject to the provisions of this
 article who is a police officer, firefighter, correction officer, inves-
 tigator revised plan member or sanitation worker and is in a plan  which
 permits  immediate  retirement  upon completion of a specified period of
 service without regard to age or who is subject  to  the  provisions  of
 section  five  hundred  four or five hundred five of this article, shall
 upon completion of ninety days  of  service  be  covered  for  financial
 protection  in  the  event of death in service pursuant to this subdivi-
 sion.
   1. Such death benefit shall be equal to three times the member's sala-
 ry raised to the next highest multiple of one thousand dollars,  but  in
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

S8400A (ACTIVE) - Details

See Assembly Version of this Bill:
A9934
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§448 & 508, R & SS L

S8400A (ACTIVE) - Summary

Allows a beneficiary of a member whose death occurs on or after July 1, 2022 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.

S8400A (ACTIVE) - Sponsor Memo

S8400A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8400--A
 
                             I N  S E N A T E
 
                             February 23, 2022
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee
 
 AN ACT to amend the retirement and social security law, in  relation  to
   allowing beneficiaries of certain deceased members to elect to receive
   death benefits in a lump sum
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision b of section 448 of the retirement  and  social
 security law is amended by adding a new paragraph 3 to read as follows:
   3. PROVIDED FURTHER, NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTI-
 CLE TO THE CONTRARY, WHERE THE MEMBER IS IN A TITLE AS DEFINED IN SUBDI-
 VISION  I  OF  SECTION  EIGHTY-NINE OF THIS CHAPTER, AND WOULD HAVE BEEN
 ENTITLED TO A SERVICE RETIREMENT BENEFIT AT THE TIME  OF  SUCH  MEMBER'S
 DEATH  AND  WHERE SUCH MEMBER'S DEATH OCCURS ON OR AFTER JULY FIRST, TWO
 THOUSAND TWENTY-TWO, THE BENEFICIARY OR BENEFICIARIES NOMINATED FOR  THE
 PURPOSES  OF  THIS  SUBDIVISION  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.
   § 2. Subdivision b of section 508 of the retirement and social securi-
 ty  law,  as  amended  by chapter 476 of the laws of 2018, is amended to
 read as follows:
   b. A member of a retirement system subject to the provisions  of  this
 article who is a police officer, firefighter, correction officer, inves-
 tigator  revised plan member or sanitation worker and is in a plan which
 permits immediate retirement upon completion of a  specified  period  of
 service  without  regard  to  age or who is subject to the provisions of
 section five hundred four or five hundred five of  this  article,  shall
 upon  completion  of  ninety  days  of  service be covered for financial
 protection in the event of death in service pursuant  to  this  subdivi-
 sion.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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