New York S06640 would allow beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve if the member dies.

New York S06640 provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve if the member who is eligible for a service retirement dies prior to filing for retirement. The pension reserve is the actuarial present value of all pension payments expected to be made had the member retired for service. This type of lump sum pension reserve death benefit is sometimes referred to as a Death Gamble.

New York S06640 would allow beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve if the member dies.

New York S06640 provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve if the member who is eligible for a service retirement dies prior to filing for retirement. The pension reserve is the actuarial present value of all pension payments expected to be made had the member retired for service. This type of lump sum pension reserve death benefit is sometimes referred to as a Death Gamble.