Provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve where a member who is.

This bill amends the retirement and social security law to provide an alternative death benefit for Transit Tier 4 and Tier 6 Special Plan members of the New York City Employees' Retirement System (NYCERS) who die on or after the effective date. The beneficiaries can elect to receive, in a lump sum or on an annuitized basis, an amount equal to the pension reserve that would have been established had the member retired on the date of their death. The pension reserve is the actuarial present value of all pension payments expected to be made had the member retired for service.

Provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve where a member who is.

This bill amends the retirement and social security law to provide an alternative death benefit for Transit Tier 4 and Tier 6 Special Plan members of the New York City Employees' Retirement System (NYCERS) who die on or after the effective date. The beneficiaries can elect to receive, in a lump sum or on an annuitized basis, an amount equal to the pension reserve that would have been established had the member retired on the date of their death. The pension reserve is the actuarial present value of all pension payments expected to be made had the member retired for service.