Assembly Bill A7563

2023-2024 Legislative Session

Relates to death benefits for NYC transit authority members

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate & Assembly


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2023-A7563 - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §604-b, R & SS L

2023-A7563 - Summary

Provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve where a member who is eligible for a service retirement dies prior to filing for retirement.

2023-A7563 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7563
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law, in  relation  to
   death benefits for active New York city transit authority members
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 604-b of the retirement and social security law  is
 amended by adding a new subdivision f to read as follows:
   F. DEATH BENEFITS. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRA-
 RY, WHERE A NEW YORK CITY TRANSIT AUTHORITY MEMBER WOULD HAVE BEEN ENTI-
 TLED  TO A SERVICE RETIREMENT BENEFIT AT THE TIME OF THEIR DEATH BUT HAD
 NOT YET FILED FOR SUCH SERVICE RETIREMENT PURSUANT TO SUBPARAGRAPH  (IV)
 OF  PARAGRAPH ONE OF SUBDIVISION C OF THIS SECTION, AND WHERE SUCH DEATH
 OCCURS ON OR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION, THE BENEFICI-
 ARY OR BENEFICIARIES OF SUCH MEMBER MAY ELECT TO RECEIVE, IN A LUMP  SUM
 OR ON AN ANNUITIZED BASIS, AN AMOUNT PAYABLE WHICH SHALL BE EQUAL TO THE
 PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD SUCH MEMBER RETIRED
 ON THE DATE OF THEIR DEATH.
   §  2. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 3. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10259-02-3



              

co-Sponsors

2023-A7563A - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §604-b, R & SS L

2023-A7563A - Summary

Provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve where a member who is eligible for a service retirement dies prior to filing for retirement.

2023-A7563A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7563--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental  Employees  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the retirement and social security law, in  relation  to
   death benefits for active New York city transit authority members
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 604-b of the retirement and social security law  is
 amended by adding a new subdivision f to read as follows:
   F. DEATH BENEFITS. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRA-
 RY, WHERE A NEW YORK CITY TRANSIT AUTHORITY MEMBER WOULD HAVE BEEN ENTI-
 TLED  TO A SERVICE RETIREMENT BENEFIT AT THE TIME OF THEIR DEATH BUT HAD
 NOT YET FILED FOR SUCH SERVICE RETIREMENT PURSUANT TO SUBPARAGRAPH  (IV)
 OF  PARAGRAPH ONE OF SUBDIVISION C OF THIS SECTION, AND WHERE SUCH DEATH
 OCCURS ON OR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION, THE BENEFICI-
 ARY OR BENEFICIARIES OF SUCH MEMBER MAY ELECT TO RECEIVE, IN A LUMP  SUM
 OR ON AN ANNUITIZED BASIS, AN AMOUNT PAYABLE WHICH SHALL BE EQUAL TO THE
 PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD SUCH MEMBER RETIRED
 ON THE DATE OF THEIR DEATH.
   §  2. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY  OF  BILL: This proposed legislation would amend Section 604-b
 of the Retirement and Social Security  Law  to  provide  an  alternative
 death  benefit for Transit Tier 4 and Tier 6 Special Plan members of the
 New York City Employees' Retirement System (NYCERS).
   Effective Date: Upon enactment.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10259-04-3
 A. 7563--A                          2
              

co-Sponsors

2023-A7563B (ACTIVE) - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §604-b, R & SS L

2023-A7563B (ACTIVE) - Summary

Provides an option for beneficiaries of NYC transit authority members to receive a lump sum equal to the pension reserve where a member who is eligible for a service retirement dies prior to filing for retirement.

2023-A7563B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7563--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced  by  M. of A. PHEFFER AMATO, SHIMSKY, SILLITTI, DURSO, JONES,
   ARDILA, WEPRIN,  HEVESI,  COLTON,  AUBRY,  REILLY,  DeSTEFANO,  SIMON,
   BICHOTTE HERMELYN,  KIM,  BERGER,  SIMONE,  DAVILA, SEPTIMO, TAYLOR --
   read once and referred to the Committee on Governmental  Employees  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee  --  recommitted  to  the  Committee  on
   Governmental  Employees  in accordance with Assembly Rule 3, sec. 2 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 AN  ACT  to amend the retirement and social security law, in relation to
   death benefits for active New York city transit authority members
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 604-b of the retirement and social security law is
 amended by adding a new subdivision f to read as follows:
   F. DEATH BENEFITS. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRA-
 RY, WHERE A NEW YORK CITY TRANSIT AUTHORITY MEMBER WOULD HAVE BEEN ENTI-
 TLED TO A SERVICE RETIREMENT BENEFIT AT THE TIME OF THEIR DEATH BUT  HAD
 NOT  YET FILED FOR SUCH SERVICE RETIREMENT PURSUANT TO SUBPARAGRAPH (IV)
 OF PARAGRAPH ONE OF SUBDIVISION C OF THIS SECTION, AND WHERE SUCH  DEATH
 OCCURS ON OR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION, THE BENEFICI-
 ARY  OR BENEFICIARIES OF SUCH MEMBER MAY ELECT TO RECEIVE, IN A LUMP SUM
 OR ON AN ANNUITIZED BASIS, AN AMOUNT PAYABLE WHICH SHALL BE EQUAL TO THE
 PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD SUCH MEMBER RETIRED
 ON THE DATE OF THEIR DEATH.
   § 2. Notwithstanding any other provision of law to the contrary,  none
 of  the  provisions  of  this  act shall be subject to section 25 of the
 retirement and social security law.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10259-06-4
 A. 7563--B                          2
              

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