N.Y. Retirement and Social Security Law 60-C – Death benefit for vested members who die prior to retirement
§ 60-c. Death benefit for vested members who die prior to retirement. a. A death benefit plus the reserve-for-increased-take-home-pay shall be payable upon the death of a member who:
Terms Used In N.Y. Retirement and Social Security Law 60-C
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- member: shall include each person who during the qualifying period was in the employment of a public employer which then participated for such employees in a public retirement system in this state, irrespective of whether the person was a participant in such system at that time, provided that the person has become a participant in such retirement system and has purchased service credit for a period of time that includes some or all of the qualifying period in accordance with provisions of law applicable to such purchase of service credit. See N.Y. Retirement and Social Security Law 2
1. Died before the effective date of retirement while a member of the retirement system;
2. Had at least ten years of credited service at the time of death; and
3. Died at a time and in a manner which did not result in the eligibility of the member's estate or any beneficiary to receive any other retirement system death benefits on account of such death.
b. Benefits provided under this section shall be payable to the member's estate or the beneficiary or beneficiaries nominated by the member on a designation of beneficiary form filed with the comptroller pursuant to section sixty of this title, who would have been eligible to receive benefits if benefits had become payable pursuant to such section.
c. The amount of the benefit payable pursuant to this section shall be equal to one-half of the amount of the ordinary death benefit which would have been payable pursuant to section sixty of this title had the member's death occurred on the last day of service upon which membership was based.