A 11555

                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
                                   11555
                           I N  A S S E M B L Y
                               June 1, 2026
                                ___________
 Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
   Pheffer Amato) -- read once and referred to the Committee  on  Govern-
   mental Employees
 AN  ACT to amend the general municipal law and the retirement and social
   security law, in relation to increasing the special  accidental  death
   benefit of certain deceased members
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
   Section 1. Subdivision c of section 208-f  of  the  general  municipal
 law,  as  amended by chapter 151 of the laws of 2025, is amended to read
 as follows:
   c. Commencing July first, two thousand  [twenty-five]  TWENTY-SIX  the
 special  accidental  death  benefit  paid  to  a widow or widower or the
 deceased member's children under the age of eighteen or, if  a  student,
 under  the  age of twenty-three, if the widow or widower has died, or to
 the deceased member's parents if the member has no widow, widower, chil-
 dren under the age of eighteen, or a student under the  age  of  twenty-
 three,  shall be escalated by adding thereto an additional percentage of
 the salary of the deceased member (as increased pursuant to  subdivision
 b of this section) in accordance with the following schedule:
      calendar year of death
      of the deceased member              per centum
           1977 or prior                  [313.2%] 325.6%
           1978                           [301.2%] 313.2%
           1979                           [289.5%] 301.2%
           1980                           [278.2%] 289.5%
           1981                           [267.1%] 278.2%
           1982                           [256.5%] 267.1%
           1983                           [246.1%] 256.5%
           1984                           [236.0%] 246.1%
           1985                           [226.2%] 236.0%
           1986                           [216.7%] 226.2%
           1987                           [207.5%] 216.7%
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16024-04-6
 A. 11555                            2
           1988                           [198.5%] 207.5%
           1989                           [189.8%] 198.5%
           1990                           [181.4%] 189.8%
           1991                           [173.2%] 181.4%
           1992                           [165.2%] 173.2%
           1993                           [157.5%] 165.2%
           1994                           [150.0%] 157.5%
           1995                           [142.7%] 150.0%
           1996                           [135.7%] 142.7%
           1997                           [128.8%] 135.7%
           1998                           [122.1%] 128.8%
           1999                           [115.7%] 122.1%
           2000                           [109.4%] 115.7%
           2001                           [103.3%] 109.4%
           2002                            [97.4%] 103.3%
           2003                            [91.6%] 97.4%
           2004                            [86.0%] 91.6%
           2005                            [80.6%] 86.0%
           2006                            [75.4%] 80.6%
           2007                            [70.2%] 75.4%
           2008                            [65.3%] 70.2%
           2009                            [60.5%] 65.3%
           2010                            [55.8%] 60.5%
           2011                            [51.3%] 55.8%
           2012                            [46.9%] 51.3%
           2013                            [42.6%] 46.9%
           2014                            [38.4%] 42.6%
           2015                            [34.4%] 38.4%
           2016                            [30.5%] 34.4%
           2017                            [26.7%] 30.5%
           2018                            [23.0%] 26.7%
           2019                            [19.4%] 23.0%
           2020                            [15.9%] 19.4%
           2021                            [12.6%] 15.9%
           2022                             [9.3%] 12.6%
           2023                             [6.1%] 9.3%
           2024                             [3.0%] 6.1%
           2025                             [0.0%] 3.0%
           2026                                  0.0%
   § 2. Subdivision c of section 361-a of the retirement and social secu-
 rity  law,  as amended by chapter 151 of the laws of 2025, is amended to
 read as follows:
   c. Commencing July first, two thousand  [twenty-five]  TWENTY-SIX  the
 special  accidental  death  benefit  paid  to  a widow or widower or the
 deceased member's children under the age of eighteen or, if  a  student,
 under  the  age of twenty-three, if the widow or widower has died, shall
 be escalated by adding thereto an additional percentage of the salary of
 the deceased member, as increased pursuant  to  subdivision  b  of  this
 section, in accordance with the following schedule:
      calendar year of death
      of the deceased member              per centum
           1977 or prior                    [313.2%] 325.6%
           1978                             [301.2%] 313.2%
           1979                             [289.5%] 301.2%
           1980                             [278.2%] 289.5%
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           1981                             [267.1%] 278.2%
           1982                             [256.5%] 267.1%
           1983                             [246.1%] 256.5%
           1984                             [236.0%] 246.1%
           1985                             [226.2%] 236.0%
           1986                             [216.7%] 226.2%
           1987                             [207.5%] 216.7%
           1988                             [198.5%] 207.5%
           1989                             [189.8%] 198.5%
           1990                             [181.4%] 189.8%
           1991                             [173.2%] 181.4%
           1992                             [165.2%] 173.2%
           1993                             [157.5%] 165.2%
           1994                             [150.0%] 157.5%
           1995                             [142.7%] 150.0%
           1996                             [135.7%] 142.7%
           1997                             [128.8%] 135.7%
           1998                             [122.1%] 128.8%
           1999                             [115.7%] 122.1%
           2000                             [109.4%] 115.7%
           2001                             [103.3%] 109.4%
           2002                              [97.4%] 103.3%
           2003                              [91.6%] 97.4%
           2004                              [86.0%] 91.6%
           2005                              [80.6%] 86.0%
           2006                              [75.4%] 80.6%
           2007                              [70.2%] 75.4%
           2008                              [65.3%] 70.2%
           2009                              [60.5%] 65.3%
           2010                              [55.8%] 60.5%
           2011                              [51.3%] 55.8%
           2012                              [46.9%] 51.3%
           2013                              [42.6%] 46.9%
           2014                              [38.4%] 42.6%
           2015                              [34.4%] 38.4%
           2016                              [30.5%] 34.4%
           2017                              [26.7%] 30.5%
           2018                              [23.0%] 26.7%
           2019                              [19.4%] 23.0%
           2020                              [15.9%] 19.4%
           2021                              [12.6%] 15.9%
           2022                               [9.3%] 12.6%
           2023                               [6.1%] 9.3%
           2024                               [3.0%] 6.1%
           2025                               [0.0%] 3.0%
           2026                                    0.0%
   § 3. This act shall take effect July 1, 2026.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would amend both the General Municipal Law and the Retire-
 ment and Social Security Law to increase the salary used in the computa-
 tion of the special accidental death benefit by three percent  in  cases
 where the date of death was before calendar year 2026.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (NYSLPFRS), the present value of  benefits  would
 increase by approximately $9.86 million.
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      NYSLPFRS                    Increase in present  Increase in required
                                  value of benefits    contributions
      Beneficiaries               $ 9.9 mn             $ 0.0 mn
      Actives Tiers 1-5 (Closed)  $ 0.0 mn             $ 3.4 mn
      Actives Tier 6 (Open)       $ 0.0 mn             $ 6.5 mn
      Total                       $ 9.9 mn             $ 9.9 mn
   Benefit  improvements  will  be funded by increasing the billing rates
 charged annually. The annual contribution required of all  participating
 employers  in  NYSLPFRS  would  increase  0.02%  of  billable salary, or
 approximately $180,000 to the state of New  York  and  $760,000  to  the
 local participating employers.
   This  permanent  annual  cost  will vary in future billing cycles with
 changes in the billing rate and salary of the affected members.
   Summary of relevant resources:
   Membership data as of March 31, 2025 was used to measure the impact of
 the bill, the same data used in the Actuarial Valuations dated April  1,
 2025. Distributions and other statistics can be found in the 2025 Report
 of  the  Actuary and the 2025 Annual Comprehensive Financial Report. The
 actuarial assumptions and methods used are described in the 2025  Annual
 Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
 and  Regulations  of  the State of New York: Audit and Control. The fair
 value of assets and GASB disclosures can be found in the 2025  Financial
 Statements and Supplementary Information.
   Assumptions,  demographics,  and  other  considerations  may have been
 modified to better reflect specific provisions of any  proposed  benefit
 change(s).
   This  fiscal note does not constitute a legal opinion on the viability
 of the bill, nor is it intended to serve as a substitute for the profes-
 sional judgment of an attorney.
   This estimate, dated May 29, 2026, and intended for  use  only  during
 the  2026  Legislative Session, is Fiscal Note Number 2026-232. As Chief
 Actuary of the New York State and Local Retirement System  (NYSLRS),  I,
 Aaron  Schottin  Young,  hereby certify that this analysis complies with
 applicable Actuarial Standards of Practice as well as the Code  of  Pro-
 fessional  Conduct  and  Qualification  Standards  for Actuaries Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which I am a member. I am a member of  NYSLRS  but  do  not  believe  it
 impairs my objectivity.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This proposed legislation as it relates to the New York City
 Retirement Systems and Pension Funds  (NYCRS),  would  increase  Special
 Accidental  Death  Benefits  (SADB) for Eligible Beneficiaries of former
 members of NYCRS who died due to an accident sustained in  the  perform-
 ance of duty.
                EXPECTED IMPACT ON EMPLOYER CONTRIBUTIONS*
           by Fiscal Year for the first 25 years ($ in Millions)
            Year      NYCERS    POLICE    FIRE      TOTAL
            2027      0.4       4.0       4.4       8.8
            2028      0.4       4.0       4.4       8.8
            2029      0.4       4.0       4.4       8.8
            2030      0.4       4.0       4.4       8.8
            2031      0.4       4.0       4.4       8.8
            2032      0.4       4.0       4.4       8.8
            2033      0.4       4.0       4.4       8.8
 A. 11555                            5
            2034      0.4       4.0       4.4       8.8
            2035      0.4       4.0       4.4       8.8
            2036      0.4       4.0       4.4       8.8
            2037      0.4       4.0       4.4       8.8
            2038      0.4       4.0       4.4       8.8
            2039      0.4       4.0       4.4       8.8
            2040      0.4       4.0       4.4       8.8
            2041      0.0       0.1       0.0       0.1
            2042      0.0       0.1       0.0       0.1
            2043      0.0       0.1       0.0       0.1
            2044      0.0       0.1       0.0       0.1
            2045      0.0       0.0       0.0       0.0
            2046      0.0       0.0       0.0       0.0
            2047      0.0       0.0       0.0       0.0
            2048      0.0       0.0       0.0       0.0
            2049      0.0       0.0       0.0       0.0
            2050      0.0       0.0       0.0       0.0
            2051      0.0       0.0       0.0       0.0
   *  The  costs of this proposed legislation have already been accounted
 for and will not result in a further increase in employer contributions.
 The table above shows the expected DECREASE in employer contributions if
 the proposed legislation is NOT enacted.
   The initial impact on employer contributions of $8.80 million is esti-
 mated to be $8.75 million for New York City and $0.05  million  for  the
 other obligors of NYCRS.
   PRESENT  VALUE  OF  BENEFITS:  The  Present  Value  of Benefits is the
 discounted expected value of benefits paid to  current  members  if  all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.
                EXPECTED IMPACT ON ACTUARIAL PRESENT VALUES
                    as of June 30, 2025 ($ in Millions)
       Present Value (PV)                 NYCERS    POLICE    FIRE
       (1) PV of Employer Contributions:  3.8       34.0      37.0
       (2) PV of Employee Contributions:  0.0       0.0       0.0
       Total PV of Benefits (1) + (2):    3.8       34.0      37.0
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 The  decrease  in  expected pension payments due to this proposed legis-
 lation NOT passing would be treated as an actuarial gain.
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
                                         NYCERS    POLICE    FIRE
      Increase (Decrease) in UAL:         3.5 M     32.7 M    36.6 M
      Number of Payments:                 14        14        14
      Amortization Payment:               0.4 M     3.9 M     4.3 M
   CENSUS DATA: The estimates presented herein are based  on  preliminary
 census  data  collected  as  of  June  30, 2025. The census data for the
 impacted population is summarized below.
                                          NYCERS    POLICE    FIRE
       Active Members
       - Number Count:                   18,418     33,803    10,691
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       - Average Age:                    41.9       37.5      40.7
       - Average Service:                11.3       11.1      13.7
       - Average Salary:                 108,600    134,900   143,400
       Receiving Members
       - Number Count:                    86        635       715
       - Average Age:                     66.8      64.1      67.6
   IMPACT  ON  MEMBER  BENEFITS: The SADB cost-of-living adjustments have
 been passed by the legislature each  year.  Under  the  proposed  legis-
 lation,  an additional 3.0% of Final Salary would be applied to the SADB
 paid effective July 1, 2026.
   The SADB is paid to the deceased member's surviving spouse, if  alive.
 If  the  spouse  is  no  longer  alive, the SADB is paid to the deceased
 memberÆs children until age eighteen or  until  age  twenty-three  if  a
 student.  If  neither  a spouse nor a dependent child is alive, the SADB
 may be paid to the member's parents or  certain  other  individuals,  if
 eligible.
   The  proposed  legislation  would  impact  the SADB payable to certain
 survivors of NYCERS, POLICE, and  FIRE  who  were  employed  in  certain
 uniformed positions of the following New York City employers:
   Police  Department, Fire Department, Department of Sanitation, Housing
 Authority, Transit  Authority,  Department  of  Correction,  Health  and
 Hospitals  Corporation  or  New  York City (as Emergency Medical Techni-
 cian), Triborough Bridge and Tunnel Authority (Bridge and  Tunnel  Posi-
 tion), or Sheriff's Department (as Deputy Sheriff).
   ASSUMPTIONS  AND  METHODS:  The  estimates  presented herein have been
 calculated based on the Revised 2021 Actuarial Assumptions  and  Methods
 of the impacted retirement systems.
   Based  on  the  historical  practice  of providing 3.0% Cost-of-Living
 Adjustments (COLAs) on the SADB each year, and the likelihood that COLAs
 will continue to be granted in the future, the Actuary currently assumes
 that the SADB benefit will continue to increase 3.0%  per  year  in  the
 future when determining NYCRS employer contributions.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions, methods,  and  models  used,  demo-
 graphics  of  the  impacted population and other factors such as invest-
 ment, contribution, and other risks. If actual experience deviates  from
 actuarial   assumptions,  the  actual  costs  could  differ  from  those
 presented herein. Quantifying these risks is beyond the  scope  of  this
 Fiscal Note.
   This  Fiscal  Note  is intended to measure pension-related impacts and
 does not include other potential costs (e.g., administrative  and  Other
 Postemployment  Benefits). This Fiscal Note does not reflect any chapter
 laws that may have been enacted during the current legislative session.
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky are members of the Society of Actuaries and the American Academy  of
 Actuaries.  We  are  members of NYCERS but do not believe it impairs our
 objectivity and we meet the  Qualification  Standards  of  the  American
 Academy  of  Actuaries to render the actuarial opinion contained herein.
 To the best of our knowledge, the results  contained  herein  have  been
 prepared  in accordance with generally accepted actuarial principles and
 procedures and with the Actuarial Standards of Practice  issued  by  the
 Actuarial Standards Board.
   FISCAL  NOTE  IDENTIFICATION:  This  Fiscal Note 2026-95 dated June 1,
 2026 was prepared by the Chief Actuary for the New York City  Retirement
 Systems  and  Pension Funds and is intended for use only during the 2026
 Legislative Session.