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History
- Print number 8662a
- Amend and recommit to governmental employees
- Referred to governmental employees
- Referred to governmental employees
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Permits a beneficiary of certain death benefits to receive the lump sum death benefit as it was at the time of death and to designate a beneficiary of such annuity payments
In Assembly Committee · Governmental Employees · Sponsor Diane J. Savino
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8662A
Title of bill
An act to amend the retirement and social security law, in relation to permitting a beneficiary of death benefits under this section to receive the lump sum death benefit as it was at the time of death and to designate a beneficiary of such annuity payments
Purpose
Adoption of this legislation would afford the beneficiaries of Tier 2 members the same annuity option as is currently enjoyed by the beneficiaries. of Tier I members.
Summary of provisions
This bill would amend the Retirement and Social Security Law by adding a new subdivision (h) to Section 448, which would mirror sections
§60(d) and §360(d) which apply to Tier 1 members. This legislation would add a new subdivision "h" to add the right of the beneficiary to receive the annuity in lump sum death benefit as it was at the time of death and to designate a beneficiary of such annuity payments.
Justification
Under current law, Tier 1 and Tier 2 members and their beneficiaries may elect to receive a death benefit in the form of an annuity. However, when the law was passed in 2006 to apply to Tier 2 members, by adding subdivision "g" regarding such annuity option, it should also have been amended to add the additional subdivision concern- ing the right of the beneficiary.to receive the annuity in a lump sum death benefit as it was at the time of death and to designate a benefi- ciary of such annuity payments. Accordingly, this legislation is needed to amend the law to mirror the benefits that Tier I members and their beneficiaries currently have concerning the annuity option.
According to the State Retirement System, this legislation would be cost neutral, and would not require any additional contributions to the pension fund.
Legislative history
New Bill.
Fiscal implications
None.
Effective date
This Act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.