Increases certain special accidental death benefits for state and local retirement system members.
Summary
Bill S06641 aims to amend the General Municipal Law and the Retirement and Social Security Law to increase the special accidental death benefit for certain deceased members of state and local retirement systems. Specifically, the bill proposes to escalate the benefit paid to eligible beneficiaries, including widows, widowers, children, and parents of deceased members, by adding an additional percentage of the deceased member's salary based on the year of death. This increase is set to take effect on July 1, 2025, and is designed to provide greater financial support to the families of those who have died in the line of duty.
Impact
The enactment of this bill will result in an increase in the special accidental death benefits, which will have fiscal implications for both the New York State and Local Police and Fire Retirement System (NYSLPFRS) and the New York City Retirement Systems and Pension Funds (NYCRS). The estimated increase in the present value of benefits is approximately $9.11 million, with costs shared between the state and local employers. This adjustment is expected to affect employer contributions, which will be adjusted to accommodate the increased benefits.
Sentiment
The general sentiment surrounding Bill S06641 is positive, as evidenced by unanimous support in committee and on the Senate and Assembly floors, with votes of 7-0, 59-0, and 144-0 respectively. This broad support indicates a strong consensus among legislators regarding the importance of providing enhanced benefits to the families of deceased members who served in public safety roles.
Contention
There appear to be minimal points of contention regarding this bill, as it has received unanimous support throughout the legislative process. However, discussions may arise regarding the financial implications for local employers and the potential impact on future budgets, as the increased benefits will necessitate adjustments in employer contributions to the retirement systems.
Increases accidental death benefit for surviving spouse or surviving children of certain PERS members and retirants; provides accidental death benefit to beneficiary of certain PERS and PFRS members and retirants; redefines child.
Increases accidental death benefit for surviving spouse or surviving children of certain PERS members and retirants; provides accidental death benefit to beneficiary of certain PERS and PFRS members and retirants; redefines child.