Senate Bill S5849

Vetoed By Governor
2023-2024 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 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

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2023-S5849 (ACTIVE) - Details

See Assembly Version of this Bill:
A5630
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§448 & 508, R & SS L
Versions Introduced in 2021-2022 Legislative Session:
S8400, A9934

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

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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