N.Y. Retirement and Social Security Law 508-B*3 – Death benefits for correction officers employed by Suffolk county
* § 508-b. Death benefits for correction officers employed by Suffolk county. 1. As used in this section, the term "correction officer" shall have the same meaning as in subdivision e of section eighty-nine-f of this chapter.
Terms Used In N.Y. Retirement and Social Security Law 508-B*3
- 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 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
2. Notwithstanding any provision of law to the contrary, where a correction officer would have been entitled to a service retirement benefit at the time of his or her death and where his or her death occurs on or after the effective date of this section, the beneficiary or beneficiaries may elect to receive, in a lump sum, an amount payable which shall be equal to the pension reserve that would have been established had the member retired on the date of his or her death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
* NB There are 4 § 508-b's