N.Y. Retirement and Social Security Law 508-A – Death benefit for vested members who die prior to retirement
§ 508-a. Death benefit for vested members who die prior to retirement. a. A death benefit plus the reserve-for-increased-take-home-pay, if any, shall be payable upon the death of a member of a retirement system who:
Terms Used In N.Y. Retirement and Social Security Law 508-A
- 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
- Credited service: shall mean all service which has been credited to a member pursuant to section five hundred thirteen or which was credited to such member in a public retirement system of the state before such member became subject to this article and which is allowable as previous service pursuant to section five hundred thirteen. See N.Y. Retirement and Social Security Law 501
- Member: shall mean any person included in the membership of a public retirement system of this state as provided in section five hundred of this article. See N.Y. Retirement and Social Security Law 501
1. Died before the effective date of retirement while a member of such 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 death benefits from such retirement system 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 administrative head of such retirement system.
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 had the member's death occurred on the last day of service upon which membership was based.