BILL NUMBER: S7113
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
death benefits for members of the uniformed force of the fire department
of the city of New York
 
PURPOSE:
This bill seeks to enhance death benefits of deceased uniformed members
of the fire department of the city of New York.
 
SUMMARY OF PROVISIONS:
Section 1 provides that subdivision b of section 508 of the retirement
and social security law is amended to provide that a member in the
uniformed force of the fire department of the city of New York who would
have been entitled to a service retirement benefit at the time of their
death and where their death occurs on or after July first, two thousand
twenty-five, the beneficiary or beneficiaries may elect to receive, in a
lump sum, an amount payable which shall be 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-forin-
creased-take-home-pay, if any, whichever is greater.
Section 2 provides that the act shall take effect immediately.
 
JUSTIFICATION:
This bill seeks to enhance death benefits of deceased uniformed members
of the fire department of the city of New York. Currently, the families
of pension-eligible firefighters who die before they take retirement
receive a death benefit of three times the final years earnings in a
lump sum. This lump sum payment does not relieve the substantial loss of
wages suffered by the many surviving families. This bill will allow
these families the option of receiving the traditional death benefit of
three times final average salary or the full amount of the pension the
firefighter earned and would have received if still alive.
 
LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
See fiscal note.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S7113: 508 retirement and social security law, 508(b) retirement and social security law