Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 08, 2023 |
tabled vetoed memo.87 |
Nov 29, 2023 |
delivered to governor |
Jun 09, 2023 |
returned to assembly passed senate 3rd reading cal.1810 substituted for s5849 |
Jun 09, 2023 |
substituted by a5630 |
Jun 08, 2023 |
ordered to third reading cal.1810 committee discharged and committed to rules |
Apr 25, 2023 |
reported and committed to finance |
Mar 20, 2023 |
referred to civil service and pensions |
Senate Bill S5849
Vetoed By Governor2023-2024 Legislative Session
Sponsored By
(D, WF) 31st Senate District
Current Bill Status Via A5630 - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D, WF) 17th Senate District
(R, C) 60th Senate District
(D, WF) 63rd Senate District
(D) 50th Senate District
2023-S5849 (ACTIVE) - Details
2023-S5849 (ACTIVE) - Summary
Allows a beneficiary of a member whose death occurs on or after July 1, 2023 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.
2023-S5849 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5849 SPONSOR: JACKSON TITLE OF BILL: 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 PURPOSE: To modify the in-service death benefit for participants in Section 89 retirement plan codified in the Retirement and Social Security Law (RSSL). SUMMARY OF PROVISIONS: Section 1 adds a new paragraph 3 to subdivision b of Section 448 of the Retirement and Social Security Law to authorize beneficiaries of the Section 89 retirement plan participants to receive, in a lump sum, an amount equal to the pension reserve that would have been established had the member retired on the date of his or her death, or the value of the
2023-S5849 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5849 2023-2024 Regular Sessions I N S E N A T E March 20, 2023 ___________ Introduced by Sen. JACKSON -- 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-THREE, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04951-02-3 S. 5849 2
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