New York S06401 amends death benefits for uniformed Correction and Sanitation members, allowing beneficiaries to choose between their current death.

New York S06401 modifies the death benefits for uniformed Correction and Sanitation members of the New York City Employees' Retirement System (NYCERS). Under the proposed legislation, beneficiaries of members who would have been entitled to a service retirement benefit at the time of their death can elect to receive a lump sum payment. This amount is equal to the pension reserve that would have been established had the member retired on the date of their death, or the value of the death benefit and the reserve-for-increased-take-home-pay, whichever is greater.

New York S06401 amends death benefits for uniformed Correction and Sanitation members, allowing beneficiaries to choose between their current death.

New York S06401 modifies the death benefits for uniformed Correction and Sanitation members of the New York City Employees' Retirement System (NYCERS). Under the proposed legislation, beneficiaries of members who would have been entitled to a service retirement benefit at the time of their death can elect to receive a lump sum payment. This amount is equal to the pension reserve that would have been established had the member retired on the date of their death, or the value of the death benefit and the reserve-for-increased-take-home-pay, whichever is greater.