Permits eligible retirement system members who are state-paid judges or housing judges to receive a death benefit in lieu of an ordinary death.

New York A05898 amends the retirement and social security law to allow eligible retirement system members who are state-paid judges or housing judges to receive a death benefit in lieu of an ordinary death benefit. Specifically, the beneficiary or beneficiaries may elect 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 the judge or justice's death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.

Permits eligible retirement system members who are state-paid judges or housing judges to receive a death benefit in lieu of an ordinary death.

New York A05898 amends the retirement and social security law to allow eligible retirement system members who are state-paid judges or housing judges to receive a death benefit in lieu of an ordinary death benefit. Specifically, the beneficiary or beneficiaries may elect 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 the judge or justice's death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.