Allows beneficiaries of certain deceased members to elect a lump sum payment.

New York A06288 amends the retirement and social security law to allow a beneficiary of a member who dies on or after July 1, 2025, and would have been entitled to a service credit at the time of death, to elect a lump sum payment. The payment equals the pension reserve that would have been established had the member retired on the date of death. The bill affects retirement-eligible members of the New York State and Local Employees' Retirement System employed by New York State as correction officers and security hospital treatment assistants.

Allows beneficiaries of certain deceased members to elect a lump sum payment.

New York A06288 amends the retirement and social security law to allow a beneficiary of a member who dies on or after July 1, 2025, and would have been entitled to a service credit at the time of death, to elect a lump sum payment. The payment equals the pension reserve that would have been established had the member retired on the date of death. The bill affects retirement-eligible members of the New York State and Local Employees' Retirement System employed by New York State as correction officers and security hospital treatment assistants.