S.06406

Allows beneficiaries of deceased members to receive a lump sum payment equal to the pension reserve.

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