New York S 6432: Relates to providing pension benefits to the widow of deceased firefighter Derek Floyd

Bill Text

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S06432 Summary:

BILL NOS06432 

&nbsp

SAME ASSAME AS A08012

&nbsp

SPONSORJACKSON

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

&nbsp

Provides New York city fire pension fund benefits to the widow of deceased firefighter Derek Floyd.

Go to top S06432 Actions:

BILL NOS06432 

&nbsp

03/13/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS06432 Committee&nbspVotes:

Go to topS06432 Floor&nbspVotes:

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

Go to topS06432 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6432

 2025-2026 Regular Sessions

 IN SENATE

 March 13, 2025
 ___________

 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 provide pension benefits to the widow of deceased firefighter
 Derek Floyd

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Notwithstanding the provisions of any general or special
 2 law, rule, or regulation to the contrary, Derek Floyd, who was previous-
 3 ly employed by the New York city fire department prior to his death on
 4 April 15, 2024, is hereby deemed to have vested in the New York city
 5 fire pension fund. Christine Floyd, the widow of deceased firefighter
 6 Derek Floyd is hereby eligible to file an application for and shall
 7 receive pension benefits to which she would have been entitled if Derek
 8 Floyd had been a member of such pension fund at the time of his death.
 9 § 2. All costs of implementing the provisions of this act shall be
 10 paid by the New York city fire department.
 11 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 SUMMARY: This proposed legislation would deem deceased former proba-
 tionary firefighter Derek Floyd as an active member at the time of his
 death, entitling his widow, Christine Floyd, a Tier 3 Ordinary Death
 Benefit of three times salary.

 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
 by Fiscal Year for the first 25 years ($)

 Year FIRE
 2026 0
 2027 307,000
 2028 0
 2029 0

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01264-02-5

 S. 6432 2

 2030 0
 2031 0
 2032 0
 2033 0
 2034 0
 2035 0
 2036 0
 2037 0
 2038 0
 2039 0
 2040 0
 2041 0
 2042 0
 2043 0
 2044 0
 2045 0
 2046 0
 2047 0
 2048 0
 2049 0
 2050 0

 The entire increase in employer contributions will be allocated to New
 York City.
 PRESENT VALUE OF BENEFITS: The Present Value of Benefits is the
 discounted expected value of benefits paid to current members if all
 assumptions are met.
 INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
 as of June 30, 2025 ($)

 Present Value (PV) FIRE
 (1) PV of Employer Contributions: 277,000
 (2) PV of Employee Contributions: 0
 Total PV of Benefits (1) + (2): 277,000

 UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past service.
 Since Mr. Floyd is deceased, and therefore has no remaining working
 lifetime, the entire increase in UAL would be recognized immediately.

 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY

 FIRE
 Increase (Decrease) in UAL: 277,000
 Number of Payments: 1
 Amortization Payment: 307,000

 CENSUS DATA: The estimates presented herein are based on salary data
 provided by the New York City Fire Pension Fund (FIRE). The Ordinary
 Death Benefit estimated is based on Mr. Floyd's earnings in his last 12
 months of service of approximately $92,200. The salary data was not
 audited but was reviewed for reasonableness.
 BACKGROUND: Former New York City probationary firefighter Derek Floyd
 died on April 15, 2024, after his employment with the New York City Fire
 Department ceased on November 9, 2023, so that his beneficiaries were

 S. 6432 3

 not entitled to the Ordinary Death Benefit afforded to members in active
 service.
 This proposed legislation would treat Mr. Floyd as an active member at
 the time of his death, entitling his beneficiary to an additional lump
 sum death benefit equal to three times his final year's earnings, round-
 ed up to the nearest $1,000.
 ASSUM