Beneficiaries of uniformed members of the New York City Fire Department can elect to receive death benefits as a lump sum.

New York A07899 would allow beneficiaries of uniformed members of the New York City Fire Department to elect to receive their death benefits as a lump sum. The bill specifies that the lump sum would be the greater of the current death benefit or 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.

Beneficiaries of uniformed members of the New York City Fire Department can elect to receive death benefits as a lump sum.

New York A07899 would allow beneficiaries of uniformed members of the New York City Fire Department to elect to receive their death benefits as a lump sum. The bill specifies that the lump sum would be the greater of the current death benefit or 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.