New York S 6406: Allows beneficiaries of certain deceased members to elect to receive death benefits in a lump sum

Bill Text

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S06406 Summary:

BILL NOS06406A

&nbsp

SAME ASSAME AS A10843

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SPONSORJACKSON

&nbsp

COSPNSRHARCKHAM, SALAZAR, WALCZYK

&nbsp

MLTSPNSR

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Amd §§448 & 508, R & SS L

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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.

Go to top S06406 Actions:

BILL NOS06406A

&nbsp

03/13/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

01/09/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

01/09/2026PRINT NUMBER 6406A

Go to topS06406 Committee&nbspVotes:

Go to topS06406 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06406 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6406--A

 2025-2026 Regular Sessions

 IN SENATE

 March 13, 2025
 ___________

 Introduced by Sens. JACKSON, HARCKHAM, WALCZYK -- read twice and ordered
 printed, and when printed to be committed to the Committee on Civil
 Service and Pensions -- recommitted to the Committee on Civil Service
 and Pensions in accordance with Senate Rule 6, sec. 8 -- 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:

 1 Section 1. Subdivision b of section 448 of the retirement and social
 2 security law is amended by adding a new paragraph 3 to read as follows:
 3 3. Provided further, notwithstanding any other provision of this arti-
 4 cle to the contrary, where the member is in a title as defined in subdi-
 5 vision i of section eighty-nine of this chapter, and would have been
 6 entitled to a service retirement benefit at the time of such member's
 7 death and where such member's death occurs on or after July first, two
 8 thousand twenty-six, the beneficiary or beneficiaries nominated for the
 9 purposes of this subdivision may elect to receive, in a lump sum, an
 10 amount payable which shall be equal to the pension reserve that would
 11 have been established had the member retired on the date of such
 12 member's death, or the value of the death benefit and the reserve-for-
 13 increased-take-home-pay, if any, whichever is greater.
 14 § 2. Subdivision b of section 508 of the retirement and social securi-
 15 ty law, as amended by chapter 476 of the laws of 2018, is amended to
 16 read as follows:
 17 b. A member of a retirement system subject to the provisions of this
 18 article who is a police officer, firefighter, correction officer, inves-
 19 tigator revised plan member or sanitation worker and is in a plan which
 20 permits immediate retirement upon completion of a specified period of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08636-04-6

 S. 6406--A 2

 1 service without regard to age or who is subject to the provisions of
 2 section five hundred four or five hundred five of this article, shall
 3 upon completion of ninety days of service be covered for financial
 4 protection in the event of death in service pursuant to this subdivi-
 5 sion.
 6 1. Such death benefit shall be equal to three times the member's sala-
 7 ry raised to the next highest multiple of one thousand dollars, but in
 8 no event shall it exceed three times the maximum salary specified in
 9 section one hundred thirty of the civil service law or, in the case of a
 10 member of a retirement system other than the New York city employees'
 11 retirement system, or in the case of a member of the New York city
 12 employees' retirement system who is a New York city uniformed
 13 correction/sanitation revised plan member or an investigator revised
 14 plan member, the specific limitations specified for age of entrance into
 15 service contained in subparagraphs (b), (c), (d), (e) and (f) of para-
 16 graph two of subdivi