Allows beneficiaries of deceased New York State and Local Retirement System members to elect a lump sum payment equal to their pension reserve.

This bill amends the New York State retirement and social security law to allow beneficiaries of members who die on or after July 1, 2026, and would have been entitled to a service credit at the time of their death, to elect a lump sum payment. The amount of the payment will be equal to the pension reserve that would have been established had the member retired on the date of their death.

Allows beneficiaries of deceased New York State and Local Retirement System members to elect a lump sum payment equal to their pension reserve.

This bill amends the New York State retirement and social security law to allow beneficiaries of members who die on or after July 1, 2026, and would have been entitled to a service credit at the time of their death, to elect a lump sum payment. The amount of the payment will be equal to the pension reserve that would have been established had the member retired on the date of their death.